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Consider an economy with the following production function: Assignment 3 Y = AK.5L.5 The labour force is constant. The rate of depreciation is δ = .1, the savings rate is s = .3. a. Has this production function constant returns to scale? Why? b. Write the production function in per worker variables. c. Does the per worker production function have diminishing marginal returns to capital? Why? d. Write the fundamental Solow equation in per worker variables. e. Depict the steady state of this economy. f. What are the growth rates of per worker output and capital in steady state? g. Calculate the steady state level of capital, output, consumption and savings. h. Redraw the initial equilibrium and show what happens when the savings rate increases. Do the growth rates change? i. Redraw the initial equilibrium and show what happens when there is a one time increase in population. Do the growth rates change? j. Redraw the initial equilibrium and show what happens when there is a one time innovation that increases productivity. Do the growth rates change? k. Redraw the initial equilibrium and show what happens when there is constant productivity growth. Do the growth rates change?
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, into fuel to power the nuclear reactors in our..
Which of the following would occur if the federal government decided to use a budget surplus to reduce the existing debt.
The degrees of freedom are used to determine the critical z-score for the normal distribution when calculating a confidence interval. The alternative hypothesis, denoted by H1, represents the opposite of the null hypothesis and is believed to be true..
1. small mistakes are the stepping stones to large failures. how might this saying apply to this lesson as well as do
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
If you had to create an instrument that measured the prosperity of a nation, Illustrate what would be the three most important aspects of the society you would include.
Venezuela had considerable capital outflows after election of Hugo Chavez. If Venezuela had fixed exchange rates, determine what effect would these flows have had on Venezuela's overall balance and value of the Bolivar
Are monopolies and oligopolies (firms demonstrating power) always bad for society?
Why would a tax credit for mortgage intrest be worth more to lower income families than a deduction? Would you favor changing the benefit from a tac deduction to a tax credit? What other changes might you want to make at the same time? WHY?
Though it does lead to an interesting next question. Illustrate what do you think would happen to sale and price of DVDs after this.
Why is that the pre-trade production points have a bearing on comparative costs under increasing cost conditions but not under conditions of constant costs?
What is the annual worth of an asset that costs nothing and gives you benefits of $3 in years one through 10? Assume your MARR is 20%.
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