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Given a Cobb- Douglas production function (follow the Appendix 3.2 to the chapter for further detail and practice)
Y (t) = K(t)α L(t) 1-α
where K (t) and L (t) are capital and labor respectively at time t. Assume population growth n and capital depreciation δ.
1. Write down important assumptions of Solow growth model
2. What is the steady state capital per capita, k*, and explain about it.
Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.
Draw a production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today. Also indicate a combination that is..
Compare an owner's personal liability for debts of a business organized as a sole proprietorship, general partnership, limited partnership, LLP, LLC, and S corporation.
Suppose that a new technique for harvesting lumber more efficiently was discovered. Illustrate the effect you think this would have on the market for lumber. How will the price and quantity sold of lumber move? How would this affect the purchasing de..
An investment has just been made to purchase a small CNC lathe of $17,000. This CNC lathe will be used to make ornamental parts for sale. Receipts are estimated at $25,000 per year with costs running $20,000 per year, the salvage value is $3,000 at t..
Assume your town decides to levy a tax to raise funds for construction, maintenance also other expenses for local schools. Should the tax be proportional, progressive or regressive.
Economists usually do not favor subsidies on specific products or in-kind payments to help low income people.
John’s family is expanding in number, and so he decides to sell his current home and upgrade to a larger home. He estimates that he can sell his current home for $400,000 and can buy a larger home for $475,000. He plans to use the entire $400,000 sal..
The current spot price of a stock is $50, the expected rate of return of the stock is 7%, and the volatility of the stock is 20%. The risk- free rate is 5%. Find an 80%-confidence interval for the stock price in 3 months. Also compute the expected pe..
Firm Current carbon emissions (tons) Cost of reducing emissions by 1 ton ($) A 80 150 B 100 200 C 70 50 a. Firm A will (Click to select) buy 20 emission permits from sell 20 emission permits to buy 40 emission permits from sell 40 emission permits to..
A fungus destroys 25% of the banana crop in Central America and the number of immigrant workers who pick apples increases. What happens to the supply or demand for apples?
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
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