Permanent increase in the rate of technological progress

Assignment Help Business Economics
Reference no: EM131244593

Suppose that manna from heaven falls faster and there is a one-time permanent increase in the rate of technological progress, so g rises to g’. What does this imply for the growth rate of output per worker over time? Explain in analytical and graphic terms.

Reference no: EM131244593

Questions Cloud

The financial sector of the economy : The Financial sector of the economy: US farmers and ranchers who do not export thier products:
Based on the solow growth model : Income per person exceeds $25,000 in many countries, but it is below $1,000 per person in many other countries. Based on the Solow growth model, suggest at least four possible explanations for this gap in living standards.
Compare the steady-state levels of output per worker : Consider two countries that are otherwise identical (have the same saving rates and depreciation rates), but the population of Country Large is 100 million, while the population of Country Small is 10 million. Use the Solow model with no technologica..
Broad empirical regularities associated with growth : What are the broad empirical regularities associated with growth and development that modern theories of economic growth attempt to explain? Enumerate and describe briefly.
Permanent increase in the rate of technological progress : Suppose that manna from heaven falls faster and there is a one-time permanent increase in the rate of technological progress, so g rises to g’. What does this imply for the growth rate of output per worker over time? Explain in analytical and graphic..
Long run effects of one-time increase in stock of labor : What are the short run and long run effects of a one-time increase in the stock of labor (because of, for example, a particularly large cohort of college graduates joining the labor force)?
Fiscal policy such as increase in investment taxes : When the investment rate in a country decreases permanently (as a result of discouraging fiscal policy such as an increase in investment taxes, for example), does it impact the level or the growth rate of output per worker? Explain briefly what happe..
Substitutes in production-pure complements in production : Use the concept of (a) substitutes in production versus pure complements in production and (b) gross substitutes versus gross compliments to asses the likely impact of the rapid decline in the price of computers and relate office equipment on the lab..
Professional brand consistent across social : Describe the role that networking can play in your professional life. Explain what you’re doing to keep your “professional brand” consistent across social and professional platforms.

Reviews

Write a Review

Business Economics Questions & Answers

  Fundamental problem the science of economics is concerned

Farmer brown produces eggs and milk on his farm. He initially produces at point A. HE WOULD LIKE to produce the same amount of eggs per day and increase his milk production by one gallon per day. how does the production possibilities curve ( ppc) ill..

  Government imposes a ceilingprice of the firms product

If the government imposes a ceiling of $6 on the price of the firm's product, Illustrate what output will the firm produce also Illustrate what will be total profits.

  The cost leadership strategy emphasizes

Which of the following markets is closest to a perfectly competitive structure? When, in the long run, all firms in a perfectly competitive market structure use the same production technique, then: The only difference between a perfectly competitive ..

  What kind of output gap does this economy have

What kind of output gap does this economy have? How large is this gap?  If the government wants to close the gap by changing autonomous taxes only, what should be the size and the direction of the change in T°?

  The best medium term prediction

Suppose the U.S. grows more slowly than Canada. The best medium term prediction is that the

  Determine how long the solar system-electric system

The installed cost of a conventional electric hot water heater is $200. A family of four uses an average of 300 liters of hot water a day, which will require $350 worth of electricity each year.

  The demand curve for a good is horizontal when

The demand curve for a good is horizontal when it is:

  Job to design the system architecture

Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?

  Weekly demand and short-run cost function

following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000

  Find the optimal basket containing these two goods

Consider a Cobb-Douglas utility function of the type u(x,y) =x2y2. The prices of the two goods x,y are px = $2 and py=$4 consumers income is given by m=$100. find the optimal basket containing these two goods. find the demand functions for x. Must be..

  Appeal the magistrates order

There is debate going on concerning the latest version of Apple i-phone between Apple and the US federal government. A US magistrate in California has ordered Apple to unlock the phone of a deceased terrorist who killed several people.  Ethically, do..

  High transportation cost-dollars-yuan exchange rate is fixed

Suppose that the U.S. dollars-Chinese yuan exchange rate is fixed by the U.S. and Chinese governments. Assume also that labor is immobile between the United States and China due to high transportation costs. Which of the following situations is likel..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd