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Consider Romer’s growth model of Chapter 6 and let ¯ A 0 = 100, ¯ l = 0 : 06, ¯ z = 1 = 3000, and ¯ L = 1000.
a) What is the growth rate of output per person in this economy?
b) What is the initial level of output per person? What is the output per person in 100 years?
c) How do your answers in parts a;b change if the following changes occur? A doubling of ¯ A 0 , a doubling of ¯ l , a doubling of the population ¯ L , and a doubling of ¯ z . (Note: Explain these changes one at a time).
d) If you could advocate for one of the changes above, which one would you choose? Why?
Consider the owners of Cutitforme, a small lawn-mowing service. They can use one of two methods to mow lawns. Method 1 is to purchase a tractor that costs $200 a year to own and then spend $1 (for labor and gas) for every acre of grass cut. The total..
How is elasticity related to revenue. How is diminishing marginal returns related to cost. How are revenues and costs related to profit.
Which of the subsequent statements would best describe the UK's population at present?
In Japan, Toyotas can be produced at 1,900,000 yen and Chevrolets at 1,600,000 yen. In terms of Chevrolets, illustrate what is the opportunity cost of producing Toyotas in each country.
You are considering a luxury apartment building project that requires an investment of $12,500,000. The building has 50 unites. You expect that the maintenance cost for the apartment building will be $250,000 in the first year, and to rise to $300,00..
Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers.
Nicole is applying for a health insurance policy. She has liver disease and other health problems. She honestly disclosed the true facts to the insurance agent. However, the agent did not include all the facts in the application. The contract was iss..
q.please use this discussion board to describe the events that characterized the onset and deepening of the financial
In 2013, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2014, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else equal..
What happens if the FOMC members DISAGREE on what to do with Monetary Policy? How is a compromise or resolution reached?
Elucidate how economics regulation affects the market of telecommuniciation. Explain the entities affected by industrial regulation in terms of market structure.
Determine point price elasticity of demand at P= $3.00. Illustrate what would be new point price elasticity if price were raised to P= $4.50.
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