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Consider a modified version of the continuous-time Solow growth model where the aggregate production function is
where Z is land, available in fixed inelastic supply. Assume that α + β
(a) First suppose that there is no population growth. Find the steady-state capital-labor ratio in the steady-state output level. Prove that the steady state is unique and globally stable.
(b) Now suppose that there is population growth at the rate n, that is, L/L ? = n. What happens to the capital-labor ratio and output level as t → ∞? What happens to returns to land and the wage rate as t → ∞?
(c) Would you expect the population growth rate n or the saving rate s to change over time in this economy? If so, how?
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
If the owner earns 5% interest on her investments, determine the equivalent annual cost of owning a car with the following costs (EOY=end of year). Initial down payment=$2200 Annual payments=$5500, EOY1-EOY4
What is the dollar value of GDP?
measuring the price of gasoline in dollars, an economist calculates the price elasticity of demand to be .5. what would the price elasticity of demand be if the economist had choosen to measure the price of gasoline in pennies rather than dollars
A monopoly is considering selling several units of a homogeneous product as a single packge. A typical consumer's demand for the product is Qd= 110-0.5P, and the marginal cost of product is 140. A. Determine the optimal number of units ot put in a..
Argentina also has two distributors with values similar to those in Egypt, but both are run by the government. How does this affect the amount you could capture?
Miguel is a farmer who produces oats. The oat market is a pure competition market. Miguel is now making choices in the short run. The going rate for oats is currently $24 per unit. The total cost function is as the table above shows. What is the p..
The demand curve and supply curve for one-year discount bonds with a face value of $1,000 are represented by the following equations: Bd: Price = -0.06 Quantity + 1140 Bs Price = Quantity + 700 suppose that, as a result of monetary policy actions.
U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.
A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275.
Knockoff Inc. produces what it regards as a low-quality digital camera. However, because the market is so new, reputations for quality have not yet developed, and consumers cannot tell the quality difference between an Ajax digital and a Knockoff ..
Suppose the national-income model: Y = C + I + G C = a + b(Y - T)(a > 0; 0 0; 0
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