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The background is Specific Factor Model. Suppose that land is specific to agriculture, capital is specific to manufacturing, and labor is mobile between sectors. If there is an increase in the amount of capital, holding the prices of agricultural and manufacturing goods constant, what happens to the equilibrium nominal wage rate and labor allocation? What happens to the rental rate of capital? What happens to the rental rate of land?
q1. given production function fxy cxabyb-awhere a b c are positive and bgtaa. discuss the returns to scale marginal
The following equations apply to an economy: C=400+.9(Y-T) I=250-50r (M/P)d=Y-300r You also know that government spending and taxes are 500 and the nominal money supply is 4000. The price level is 2. Make sure you simplify your equations. What are th..
Recall the Application 1 in the textbook. Clearing Space Debris. Fill in the blanks: The clearing of space debris is an example of a _____ that suffers from the _____ problem. The free-rider problem arises because. During pledge week your local publi..
Imagine the economy starts off at the steady state, with m=v=1 and b=1/2; additionally, suppose that the Fed's infaltion target (π-bar) is 1% and that the real federal fund rates (r-bar) is 1%. In period 1, political uncertainty causes a negative AD ..
Ben's Bonanza is a firm in this competitive market for x. The firm's production function is x =
Given the need to be good custodians of the environment as well as the need to work and earn a living, can “economic growth” and “sustainable development” co-exist? In responding to this question be sure to include the following: An explanation of “T..
1. economics is the study of the principles governing the allocation of scarce means among competing ends when the
The marginal cost curves intersects the average total cost curve.. a) at the efficient scale, b) where the firm maximizes profit, c) at the minimum of afc d) where fixed costs equals variable costs
Assume that Congress imposes a tariff on imported autos to protect the U.S. auto industry from foreign competition.
What must saving rate be in initial steady state. What is marginal product of capital in initial steady state. Suppose that public policy rises saving rate so that economy reaches Golden Rule level of capital.
Burning coal to generate electricity can create pollution. If the market for generating electricity is competitive and is allowed to operate without any government intervention, is the equilibrium quantity of coal burned equal to, more than, or less ..
Bill receives utility form consumption of two goods X and Y. If price of X is $6 and Price of Y is $2, Bill’s budget is $14 and the marginal utility of X is MUx = 3X^2Y^4, what is the optimal amount of X and Y. Solve using the Lagrange multipliers me..
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