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Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, ? = 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.
The Acme Paper Company lowers its price of envelopes (1,000 count) from $6 to $5.40. If its sales increase by 20 percent following the price decrease, what is the elasticity coefficient?
State whether each of the following goods and services is non-rival, non-excludable or both: (Explain)a. A toll road.b. A public park.c. A lighthouse.d. An art museum.e. A radio broadcast.
Conflicts of interest are an ethical problem for a business because they _______. One of the biggest issues in consumer privacy is when _______. Which of the following is the best definition of privacy?
Two Arguments:In a separate group discussion board, present two arguments. The first should argue in favor of the proposed merger, from the perspective of the firms
Whay Tara is leaving her current job, which pays € 56,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants.
Defend your use of either monetary policy or fiscal policy to do this.
Describe return to an investment in a college education. How would you go about measuring it. How would you decide it is good enough to warrant investment.
Which of the following is a method for the Federal Reserve to control the supply of money? Open-market operations refer to the Federal Reserve: What determines the weights for calculating the Consumer Price Index?
To continue operating, the college must receive payments equal to its total costs (that is, total fixed costs + total variable costs). If the college charges all students the same tuition, illustrate what tuition can it charge to cover all of its c..
List out the distinct characteristics of a perfectly competitive labor market and compare them to the characteristics of monopsony.
Contrast two or three key economic factors for this country with the U.S. economy, and comment.
A small truck is purchased for $22,000. It is expected to be of use to the company for 6 years, after which it will be sold for $4,000. Determine the depreciation deduction and the resulting unrecovered investment during each year of the asset’s life..
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