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Both population and the work force grow at the rate of n = 1% per year in a closed economy. Consumption is C = 0.5(1 - t)Y, where t is the tax rate on income and Y is total output. The per-worker production function is y = 8vk, where y is output per worker and k is the capital-labor ratio. The depreciation rate of capital is d = 9% per year. Suppose for now that there are no government purchases and the tax rate on income is t = 0.
a. Find expressions for national saving per worker and the steady-state level of investment per worker as functions of the capital-labor ratio, k. In the steady state, what are the values of the capital- labor ratio, output per worker, consumption per worker, and investment per worker?
b. Suppose that the government purchases goods each year and pays for these purchases using taxes on income. The government runs a balanced budget in each period and the tax rate on income is t = 0.5. Repeat Part (a) and compare your results.
"Suppose the production of airframes is characterized by a CES production function: Q=(K^0.5 + L^0.5)^2 (MPL = (K^1/2 + L^1/2) /L^1/2), MPK = (K^1/2 + L^1/2) /K^1/2) Suppose that the price of labor is $10 per unit
In an examination of purchasing patterns of shoppers, a sample of 16 shoppers revealed that they spent, on average, $54 per hour of shopping. Based on previous years, the population standard deviation is thought to be $21 per hour of shopping.
When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
Professor Moore forgets to set his alarm with a probability of .10. If he sets the alarm, it will wake him on time to make his first class with a probability of .95. If he forgets to set the alarm, he wakes up in time for his first class with a pr..
Suppose the firms play this game for five years in a row, and they know that at the end of five years, both firms plan to go out of business. What is the sub game-perfect equilibrium for this five-period game.
You are in charge of assessing the incremental benefits. Which method would you choose to derive the estimation? Explain briefly why?
A plant is considering buying a second-hand machine to use as stand-by equipment. The machine costs $3,000 and has an economic life of 10 years, at which time its salvage value is $600; expected annual operating costs are $100.
When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change.
If you were the Braniff Airways CEO, would you have gone along?
The price of a cone is expressed in cents, and the quantities are expressed in cones per day. a. Create demand & supply tables corresponding to these equations. b. Graph supply and demand and determine equilibrium price and quantity
Per capita GDP in country A and country B is $10,000. Country A's government creates policies and institutions that result in economic growth of 1.5% per year. Country B's government creates policies and institutions that result in 3% economic gro..
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