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1) Consider an economy described by the production function: Y = F (K, L ) = K1/2L1/2 where the depreciation rate is δ and the population growth rate is n.
a) Find the per worker production function.
b) Find the steady-state capital stock per worker as a function of the savings (s), depreciation rate (δ) and population growth rate (n)
c) Now assume the depreciation rate is 4% a year, population growth (n) is 2% a year and the savings rate is 24%. Find the steady-state level of capital per worker and the corresponding levels of output per worker and consumption per worker.
d) If the populatin growth rate were to increase what would happen to total output (Y) in the steady state? How about output per worker (y) in the steady state?
According to the Keynesian view “Businesses will undertake all investment projects for which the expected rate of profit equals or exceeds the interest rate.” Explain what this means.
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From the supply and demand schedules, from Belgium what are the equilibrium price also quantity of cocoa beans.
Construct a diagram of the model of the CIRCULAR FLOW OF INCOME for today in the U.S.. Make sure that you include Households, Businesses, Government and the Banking System. Show where Costs of Living, Consumer's Income, Business Receipts and Costs of..
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
Since increasing the number of variables increases R2 why not include every variable in the regression equation?
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One of the most serious problems in business forecasting is
In your own words describe the Wheel of Retailing. How would you classify Walmart in terms of its position on the wheel of retailing versus that of an off-price retailer?
The current price for a good is $20, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 10 percent to $18, consumer surplus (increases, decreases by $___.
The Federal Reserve had to resort to non-standard methods to try to stimulate the economy the last several years in part because:
In the text, we suggested that for well-off individuals with uniform taxation, preferences for education were not single-peaked. Why might preferences for local parks and urban public transportation systems (e.g., buses and subways) also not be singl..
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