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In answering questions 1-10, use the following information about the economy of Margaritaville. Margaritaville's production function per effective worker is given by the following expression y = k0.5, where y = Y/(E×L) and k = K/(E×L). Y is real output; K is the stock of capital which depreciates at a rate of 2 percent per year (δ = 0.02). L is the size of the labor force which grows at the rate of 1 percent per year (? = 0.01); and E is a coefficient describing the efficiency of labor which grows at the rate of 2 percent per year (g = 0.02). In sum, Magaritaville has a savings rate of 25 percent, a depreciation rate of 2 percent, a population growth rate of 1 percent, and a rate of labor-augmenting technological change of 2 percent.T F 2. In the steady-state of this economy, the marginal product of capital per effective worker (MPK) is equal to 0.10. T F 3. The steady-state level of capital per effective worker in Margaritaville is equal to 20.0.T F 4. In the Golden-rule steady-state of this economy, consumption per effective worker is equal to 2.T F 5. A government interested in maximizing consumption per worker should increase the savings rate to 45 percent.T F 6. If the population growth rate decreases, output per effective worker would increase.T F 9. In the steady-state of Margaritaville's economy, output (Y) grows at a rate of 6 percent per year.
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
assume the following game is played one time only. based on the information in the payoff matrix pnc bank and
write an article concerning trends in consumption patterns.prepare a 1050-1400-word paper in which youdefine economics
What is the Marginal Rate of Transformation between sugar and tea?
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Evaluate plan in terms of market incentives, one of the ten principles of economics, to work and current welfare programs. Is the Phelps' plan an improvement over current government policies? Discuss.
explain how the circular flow diagram relates to the current economic situation. using the circular flow diagram
If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to
A monopolist's inverse demand function is P = 150 - 3Q. The company produces output at two facilities; the marginal cost of producing at facility 1 is MC1(Q1) = 6Q1, and the marginal cost of producing at facility 2 is MC2(Q2) = 2Q2.
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
alpha and beta companies can borrow at the following
From a policy point of view, does the evidence in Adults Adrift support a screening or or human capital model of education. How would the answer to this question a ect any policy prescriptions you have?
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