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Alter the Solow growth model so that the production technology is given by Y = zK, where Y is output, K is capital, and z is total factor productivity. Thus, output is produced only with capital.
(a) Show that it is possible for income per person to grow indefinitely.
(b) Also show that an increase in the savings rate increases the growth rate in per capita income.
(c) From parts (a) and (b), what are the differences between this model and the basic Solow growth model? Account for these differences and discuss.
The market for Banh Mi in Auckland CBD consists of 6 restaurants operating in monopolistic competition. Suppose that these firms face monthly fixed costs of $5,000 and marginal costs of $3. Draw the average cost and marginal cost curves for a represe..
Illustrate what entity establishes a cost ceiling and does it require government sanction for violators. Will it result in a surplus or a shortage.
q1. explain how did mortgage-backed securities spread losses during the mortgage default crisis?q2. transactions and
While you were visiting London, you purchased a Jaguar for £35,000, payable in three months. You have enough cash at your bank in New York City, which pays 0.35 percent interest per month, compounding monthly, to pay for the car.
Elucidate how principles of economics affect decision-making, interaction and workings of economy as a whole.
The required reserve ratio is 10 percent, a bank has checkable deposits of $200 million and excess reserves of $100 million. Assuming the bank is meeting its reserve requirement, what amount is the bank holding in reserves?
Cost-push inflation can be called
In the short run, the marginal cost curve crosses the average total cost curve at:
How much money should you invest in a fund that will pay 8% compounded monthly, if you want to have $40,000 in the fund at the end of 20 years?
You have been relocated from Cleveland to San Francisco to begin your new career in finance. The relocation company offers you 3-2-1 Buy Down Financing. The primary home you find has a value of $729,000. You have a 8% down payment on a 30-year Fixed ..
Relative poverty might be defined based on the: Assume someone with no income gets $1000 per month in benefits and there is a benefit-reduction rate of 60%. Someone that earns $1200 per month would have how much total income (including wage and benef..
Primo Salt, Inc., manufactures salt, according to the following production function: Q(K, L) = 2L 1/2K 1/3 , where output Q is measured in tonnes, L in labour-days, and K in machine-days. Give the wage rate w (in $/labour-day), the number of machine-..
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