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Assume that output per unit of labor is related to the capital-labor ratio by yt = r log(kt); and that saving is a fixed proportion, s, of output.
a. What is the capital accumulation condition?
b. Derive the equation characterizing the steady-state capital-labor ratio.
c. For the parameter values k0 = 0:5, s = 0:1, d = 0:05, n = 0, and r = 2, plot the capital-labor ratio and the consumption-labor ratio as functions of time.
d. What is the effect of an increase in r on the capital-labor ratio?
e. Repeat part c, starting the economy above the steady-state capital-labor ratio. Explain the observed growth path.
How do you think the Fed should have handled that situation?
What is the required policy mix? Use an IS-LM diagram to show your policy proposal.
Missy Walters owns a mail-order business specializing in clothing, linens, and furniture for children. She is considering offering her customers a discount on shipping charges for furniture based on the dollar-amount of the furniture order.
A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100, marginal cost equals $40, and average fixed costs equals $10.
Answer the following questions using the above data. Compute autonomous aggregate demand and compute the short-run output.
Based on the information below about the production structure, explain whether the technology used in each part demonstrates constant returns to scale (CRS) or increasing returns to scale (IRS) property.
The market for tortillas is perfectly competitive, with market demand for packages of tortillas given by P=1 .-00002Q, with price in dollars per package and Q in thousands of packages. The short-run marginal cost curve for a typical tortilla facto..
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. Labor costs $5 per unit and capital $20 per unit. At these input levels, another unit of labor adds 5 units of output, while another unit of capital adds 4..
recall partial equilibrium market model qda1b1p qs a2b2p qd qs-qd quantity demanded-qs quantity supplied-p
What will the multiplier be given the MPS values below MPS Multiplier 0 undefined 0.4 0.5 1.0 What will the multiplier be given the MPC values below MPC Multiplier 1.0 undefined 0.9 0.75 0.5 0.0 Instructions: For the questions below enter only whole..
Suppose the Federal Reserve's trading desk buys $500,000 in T-bills from a securities dealer who then deposits the Fed's check in Best National Bank. Use a balance sheet to show the impact on the bank's loans.
Fred is a salesman who can sell enough to generate $200,000/year worth of profit for his company. He earns only $110,000 in compensation.
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