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Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0<s<1. GDP is given by a Cobb-douglas aggregate producntion function Qt=AK^aL^(1-a), where A is constant. Solve for steady state of kt where kt=K/L
Suppose the Solow model from this question applies to two seperate economies i=1 and i =2. The economies are the same except for A1>A2 and s1<s2. Let c(i)* and y(i)* be the steady state consumption per labor and output per labor for economy i=1,2. Show how C(1)* comparse to c(2)* and how y(1*) compares to y(2)*. (Assume at equilbrium for both k of each economy such that k1=k2). Then solve for k1>k2 and k2>k1.
Most religions argue that individuals should not fully exploit market positions by charging individuals the maximum amount they are willing to pay. However, according to the text, the best policy to follow seems to be to allow prices to rise to th..
Find the equilibrium price and quantity. Find the elasticity of demand and the elasticity of supply, evaluated at the equilibrium price and quantity. Is demand elastic, inelastic, or unit elastic? Is supply elastic, inelastic, or unit elastic?
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
The US is proposing a significant rise in duty on Canadian softlumber. USE APPROPRIATE DIAGRAMS to answer the questions about the Canadian economy.
Illustrate what is the efficiency factor. Elucidate these factors in terms of the production possibilities curve.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
Outline the extent to that you expect regional economic integration to occur in Europe, Asia.
Assume a randon variable x, that is uniformly distributed between 25 and 50. a. What is the mean of x? b. What is the standard deviation of x? c. What is the probability that x is between 28 and 37?
Is it wrong to use the total income test for elasticity, when there is a direct relationship between price and total revenue the demand is elastic.
Explain in detail how a decrease in consumer demand for a product will result in less of the product being produced and in fewer resources being allocated to its production.
There be surplus supply or surplus demand. What would be the quantity of surplus demand or surplus demand.
Construct a graph showing supply and demand in the electronic dog feeder market and how are the laws of supply and demand illustrated in this graph? Explain your answers.
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