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Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, δ = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Factor Productivity increases by 10%. a) Compute how much more output there is in this economy immediately thanks to this improvement in technology. b) Assume that the economy has made the transition towards its new steady state. Perform a growth accounting exercise: given the initial and the final steady states, compute how much of growth per unit of labor is accounted for by the increase in capital per unit of labor and how much is accounted for by the technological improvement. c) Discuss to what extent the result of this accounting exercise is correct. Remember that the savings rate did not change at all.
An energy management system that can save 7,500 per year for four years, expenses are 2,000 per year, installed at a cost of 20,000. At the end of 4 years it is expected to be sold for 1,250. using the end of year convention, the rate of retur..
Is MRS diminishing as Jane gets more F and more F?
Which of the following appears as a positive item on the balance of payments account for the United States? If the United States wants to regain ownership of domestic assets sold to foreigners, it will have to increase domestic consumption.
There are two goods in the economy, anchovies (a fish) and bananas ( FARM product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not affect anchovies.
How much more money does Debbie withdraw than Christy (Express your answer in dollars and cents to the nearest cent and do not include the dollar sign or any other characters or spaces except numbers, a decimal point or a negative sign in front if..
question 1consider a market with the following supply qs and demand qd curvesqd 200-2pqs25at the market equilibrium
For Profit Labs, Inc. (FPL) is a private laboratory that does only routine blood count. With total assets of $8 million last year, FPL took in $3 million in revenue and had expenses of $2 million. The average firms in other industries make a retur..
consumer surplus represents the difference between what a consumer is willing to pay for a good or service and the
Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).
if the product price is 4 per unit and the price of the factor of production is 80 per unit the profit-maximizing
the cost of transporting goods and the price of obtaining information has decreased substantially over the past 100
a firm produces digital watches on a single production line serviced during one daily shift the total output of watches
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