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Consider an economy described by the production function: Y=f(K,L)=K^(.3)L^(.7)
a. What is the per-worker production function?b. Assuming no population growth or technological progress, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.c. Assume that the depreciation rate is 10 percent per year. Make a table showing steady- state capital per worker, output per worker, and consumption per worker for saving rates of 0 percent, 10 percent, 20 percent, 30 percent and 40 percent. Whatsaving rate maximizes output per worker? What saving rate maximizes consumption per worker?
The amount of the loan was $23,800, and it had an interest rate of 10% per year. However, because the new graduate had not built up a credit history, the bank made him buy loan-default insurance that cost 5% of the loan amount.
A firm produces two different goods, with demand given by the following Pa=100-2Qa-Qb and Pd=90-2Qb where Pa=price of good A Pb=price of good B, Qa=quantity of good A and Qb= quantity of good B there are 30 units of each in storage
NA Forest Resources purchased forest acreage for $500,000 from which an estimated 200 million board feet is recoverable. In its first year of operation, the company recovered 24 million board feet. Find the cost depletion allowance the company c..
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation What term do economists use to describe this s..
The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends. Assuming the company will remain a "going concern" indefinitely and that the interest rate will remain constant at 6 percent,
Between October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4 percent. How is it possible for output to increase without a proportional increase in the number of workers
Calculate output per worker and consumption per worker for each country. Which country has the highest output per worker? The highest consumption per worker?
Suppose there are four oil producers in the crude oil market, A, B , C and D. The marginal cost of A is $10. The marginal cost of B is $12. The marginal cost of C is 13. The marginal cost of D is $15. Note that in all three cas..
john an accountant quit his $80,000 a year job and bought an existing laundry facility from its previous owner. the lease had five more years remaining and required a monthly payment of $4000. johns explicit costs are $3000 per month more than his..
A construction company is considering procuring one of two types of heavy construction equipment (A and B). Each type of equipment is expected to have a 5-year useful life with zero salvage value. Equipment A can be purchased at a cost of $30,000,..
Assume the following about Mushroom Kingdom: there are 16869 gold coins in circulation, nominal GDP is 86722 gold coins, the Central Bank of Mushroom Kingdom increases the number of gold coins in circulation by 2.4% each year, and GDP increases by..
two people live alone in isolated regions, have the same resources, grow potaotes and chickens, if one devotes resources to growing potatoes they raise 200 lbs a year. if they grow chickens they raise 50 a year. if they apportions some resourcs to ..
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