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Imagine an economy with a standard cobb douglas production function, population growth of 2%,1% total productivity growth, a savings ratio of 10% and a profit share of 20%. Assume that machines depreciate by 5% per annum. what are the steady state solution for:
a) level of GDP per effective worker?
b) growth of GDP per actual worker?
c) level of consumption per effective worker?
d) wages growth?
e) the user cost of capital? f) the real interest rate?
g) explain whether this economy is following the Golden rule.
Part 2: sn economy is experiencing low interest ratees and an output boom. Describe how it may self correct (that is move of its own accord to the equilibrium point). is there a potential role for government and/or central bank intervention?
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Economists says as if economic growth is necessarily a good thing, many question the sustainability and even the morality of ever increasing economic growth.
The first step in comprising the value of this stock today, is to compute the value of the stock when it reaches constant growth in year.
A bank loan has a quoted annual rate of 6%. However, the borrower must maintain a balance of 25% of the amount of loan, and the balance does not earn any interest.
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The Bureau of Labor Statistics reported and total number of unemployed workers.
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You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
Explain how many hours of work is the consumer working. What is her income.
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