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An economy has the per-worker production function f(k) = 10k0.4. The depreciation rate is d = 0.05 and the labor force growth rate is n = 0.01. The saving function, in aggregate form, is St = 0.3Yt . Find the steady-state capital-labor ratio, the steady-state value of output per worker, and the steady-state value of consumption per worker.
Globalization and global trade have led to increased competition in world markets and increased allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pressures?
In a traditional monopoly, all or most sales are in a market are undertaken one company. In a natural monopoly, the cost-technology of an industry where is is most cost efficient to be run by one company and a good example of this would be public ..
In a 1990 article assessing the 1980's, Time reported that: "The good news is that U.S. gross national product doubled during the 1980s, from $2.7 trillion to $5.3 trillion." The GNP number they refer to is nominal GNP. Why might this news not be as ..
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
a. Describe a situation where prices have been held out of equilibrium due to government intervention in the market-the obvious ones discussed in the text are rent control and agricultural subsidies. You may use a specific example of one of these,..
Explain how do you define social diversity and business ethics. How has a more diversified labor force affected the corporate structure and economy.
Assume you are the manager of Abba Cable Company, which provides commercial communication services to the town of Canyon Lake, Texas. Because of licensing restrictions in the market, only your company and two others (Babba and Cabba) are allowed t..
If a representative firm with long-run total cost given by TC = 50+2q+2q^2 operates in a competitive industry where the short-run market demand and supply curves are given by Qd = 1,410 - 40P and Qs = -390 +20P, its long-run profit maximizing leve..
When all people use economic reasoning, incompetence is impossible, because if the profit of decreasing that inefficiency were greater than the expenses, the inefficiency would be eliminated.
Elucidate the differences in unemployment rates among the United States and Western European countries.
What is monopolistic competition and why/where is it different from perfect competition Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their pricing.
Kim Li, CFA, is a portfolio manager for an investment advisory firm. Li delegates some of her supervisory duties to Janet Marshall, CFA, after educating Marshall on methods to prevent and detect violations of the firm's compliance procedures. Desp..
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