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Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. This is not particularly realistic, for reasons discussed in Chapter 4. But it is interesting to consider this case nonetheless because of what it tells us about the workings of the Solow model. Assume the production function is now Yt AKt . The rest of the model is unchanged.
(a) Draw the Solow diagram in this case.
(b) Suppose the economy begins with capital K0 , and show how the economy evolves over time in the Solow model.
(c) What happens to the growth rate of per capita GDP over time?
Electric Company is considering the purchase of a hillside ranch for possible use as a windmill farm sometime in the future. The owner of the 500-acre ranch will sell for $3,000 per acre if the company will pay her in two payments - one payment now a..
A $10,000 par value bond with coupons at 8%, convertible semi annually, is being sold three years and four months before the bond matures. The bond is redeemable at $C, and purchase will yield 6% convertible semi annually to the buyer. The price of t..
State the appropriate monetary policy which the Bank of Canada should be operating, given the above situation.
Pick a state and compare it to Oklahoma’s Malpractice Caps, what are the state’s caps or limits on the amount of money that can be awarded to victims of medical malpractice cases. Give any details that tell why or how the state determined that amount..
Suppose you amke an annual contribution of $3000 to your savings account at the end of each month for 10 years. If the account earns 7% interest annually, how much can be withdrawn at the end of 10 years?
In class, we study the two-part tariff question with the following system. Consumer 1 has demand function q1 = 50 − p1 and consumer 2 has q2 = 50 − 2p2 The per-unit cost of the production is mc = 10. What’s the necessary conditions that consumer 1 wi..
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year.
Some kids wait until the school year begins to buy their back-to-school clothes so that they are sure to fit in. Such follow-the-leader behavior is an example of what the text calls:
Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 30 million bushels of corn ad the market price for corn is $5 per bushel. Calculate GDP using i) the product approach, ii) the expend..
What is meant by marginal analysis, and how is this related to the objective of efficiency for a society’s allocative choice.
Suppose that aggregate planned expenditure increases by $0.75 trillion for each $1 trillion increase in real GDP. Compare the shift of the AD curve with the $1 trillion increase in investment. Explain the magnitude of the shift of the AD curve.
Average visits per week equal 640 when the copy is $40 and equal 360 when the copayment is $60. Calculate the price elasticity using 360 and $60 as the denominators for percentage change calculations.
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