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Consider the Solow model with population growth, as presented in the text. Assume that population can grow at two different rates n1 and n2, where n1 > n2. The population growth rate depends on the level of output per capita (and therefore the level of capital per capita). Specifically, population grows to rate n1 when k< k and slows down to rate n2 when k≥k. Draw a diagram for this model. Assume that (n 1 + δ) k > γf(k) and that (n2 + δ) k < γf(k). Explain what the diagram says about the steady state of the model.
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes?
The nation of Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing rice, exporting steel, and neither importing nor exporting TVs. We can conclude..
With a series of benefit cuts across many firms throughout the economy, some economists argue that nominal wage rates, a major cost of inputs for firms, have been decreasing.
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession. Why or why not
part-1q1 externalities are third party consequence of some other action. they can be positive or negative externalities
In 1987, Lowell Wilson, the plant superintendent, hired Youngstown Security Patrol, Inc. (YSP), a security company, to guard Greif property and "deter thieves and vandals." Some YSP security guards, as Wilson knew, carried firearms.
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
Suppose the Clean springs water company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean springs' profit maximizing levels of output, price, and profit
why is culture change important in long-term care? select one type of long-term care and present 3 barriers to
Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development What kinds of costs are involved in making a decision to shut down
1. describe and explain the budget constraint. how does a consumer maximize utility under a given budget constraint?
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