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Suppose a country has the following production function
Y=f(K,L)=K^1/2L^1/2
Its capital stock depreciates at 5%, its population grows at2.5% and its labor-augmentation technology increases at 2.5%
a.what is the per-worker production function?b. Find the capital stock per worker in the steady statec. find the golden rule savings rate
c.How would the bank's balance sheet would be altered if it extended this loan d. Suppose the required reserves were 20 percent. If this were the case. would the bank be in a position to extend any additional loans
A Canny, Domican and Flannery Ltd. has calculated the following Cross Elasticity of Demand values for a number of its products as follows: Cross Elasticity of Demand between Good A and Good B = + 5 Cross Elasticity of Demand between Good A and Good ..
Abby consumes only apples. In year1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples. a. Compute a consumer price index for apples f..
A small nation permits free trade in good X. At the good's free-trade price of $8, domestic firms supply 6 million units and imports account for 4 million units. Recently the small country has ereted trade barriers with the result that imports hav..
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
Assume an economy with 1000 consumers. Each consumer has income in the current period of 50 units and future income of 60 units and pays a lump-sum tax of 10 in the current period and 20 units in the future period.
If the marginal propensity to consume for an economy as a whole is 0.75, what is the simple multiplier equal to? If governments spend 1 billion dollars, how does this translate into a greater than a $1 billion impact on the economy.
A customer has provided information on the value of cars, the price of gasoline, the quantity of new cars sold in United States. Gross Domestic Product per capita is also observed.
a. Jack consumes two goods: food and leisure. He works for 8 hours per day and earns a wage of $8 dollars per hour. His rich uncles also give him around $20 per day. Illustrate Jack's choice of work and leisure using an indifference curve and a b..
A monopoly faces a market evenly split between high valuation consumers, with demand p= 10- y and low valuation consumers with demand p= 8- 2y. Marginal Cost = 0 arbitrage is impossible and the firm is free to to use.
A firm has this linear production function: Q = 5K + 2L. Each unit of labor costs $10 to employ and each unit of capital cost $8 to employ. The firm is currently employing 100 units of labor and 200 units of capital. a. Calculate the total number of..
A monopolist has two types of customers. There are 100 of Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to either $8. Neither is willing to purchase additional units at any price. If it m..
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