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Suppose an economy's production function is Cobb-Douglas with parameter = 0.3.
a. What fractions of income do capital and labor receive?
b. Suppose that immigration increases the labor force by 10 percent. What happens to total output in percent? The rental price of capital? The real wage?
The demographic transition (transformation) is a theory which explains population growth patterns. Describe each stage and evaluate whether this is a good model to be used for all countries in the world.
In a trust game, player 1 is given $10. She can send any fraction of that money to player 2. Player 1 keeps the remainder. Whatever money is sent to player 2 is tripled in the process. When both players maximize their monetary payoff, what is the sub..
Debt-GDP ratios and economic crises: The debt-GDP ratio in Belgium exceeded 120% in the early 1990s and has fallen to just over 80% more recently. Italy had a debt-GDP ratio of about 100% even before the euro crisis. The rapid rise in Japan’s debt-GD..
Find the output levels where total product and average product are maximized. What is marginal product when total product is zero?
What is endogenous growth? How do endogenous growth models differ from the neoclassical models of growth? How do the implications of an increase in saving with regard to both the level and the growth rate of output differ between the neoclassical gro..
Wages are specified as dollars per hour of work and L represents number of workers per day. Determine total demand for plumbers in New York.
The? short-term demand for crude oil in Country A in 2008 can be approximated by q equals f left parenthesis p right parenthesis equals 2 comma 144 comma 309 p Superscript negative 0.05 ?, where p represents the price of crude oil in dollars per barr..
Show the graphical implications of agricultural production increasing at a rate that is faster than population increases during the same time period. Explain the outcomes.
A newspaper recently reported that the Chinese central bank has decided to reduce its reserve holdings of U.S. government bonds. What effect might these purchases have on the U.S. bond markets, the Chinese Balance of Payments, and currency valuations..
What are are externalities? Differentiate between negative and positive externalities? In your answer, provide an example of each and explain why they are negative or positive externalities.
A large electronics company is organized into mainly profit-center divisions. The components division and the consumer electronics division are profit-center divisions of the company. The consumer electronics division assembles components into device..
In the liquidity demand for money function, what does Dt represent?
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