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(Long-Term Productivity Growth) Suppose that two nations start out in 2013 with identical levels of output per work hour - say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year. In the second, it grows by 2 percent per year. Use a calculator or a spreadsheet to determine how much output per hour each nation will be producing 20 years later, assuming that labor productivity growth rates do not change. Then, determine how much each will be producing per hour 100 years later. What do your results tell you about the effects of small differences in productivity growth rates?
Explain how if at all would your answer change if you know that ABC's technology had decreasing returns to scale. Explain.
Eluciadte the work of how the answer was derived. David Upton is president of Upton Manufacturing.
which are the endogenous variables (y & x3) and the exogenous (Z, X2). also which equation is identified or not identified or overidentified, an explination as to why this is would be great.suppose you have the following simultaneous equations mode..
1) At a price of $9, the marginal revenue of a monopolistically competitive firm is $5. If the marginal cost of production is $7, what should the firm do? 2)For a monopolistic competitive firm, which factor would not increase market power?
GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP.
Draw a few indifference curves of a consumer whose preferences are not convex, and explain why the indifference curves violate convexity. Indicate the direction of increasing preference
1. A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC= 42000 +0.001q^2. If the market price is 15, what is the firm's profit-maximizing quantity?
Identify growth in output per capita and in population growth - Is it an open or closed economy and identify its comparative advantage and whether it is involved in trade.
The marginal external expenses associated with air pollution increases with the yearly output of a polluting industry.
Examine the tools of fiscal policy also explain how they are used to reduce inflation or eliminate a recession.
What is the maximum price the airline should be willing to pay for a new A-320neo? Note: This computation is easiest to perform using MS Excel. The Excel computations may be copied and pasted into MS Word.
Early Classical economists found following diamond or water paradox perplexing: Why is water, which is so useful and so necessary, so cheap.
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