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Consider the basic Solow model with no population growth and no technological progress and a production function of the form F (K, H ), where H denotes the efficiency units of labor (human capital) given by
where N is the set of all individuals in the population, and hi is the human capital of individual i. Assume that H is fixed. Suppose there are no human capital externalities and factor markets are competitive.
(a) Calculate the steady-state equilibrium of this economy.
(b) Prove that if 10% higher h at the individual level is associated with a% higher earnings, then a 10% increase in the country's stock of human capital H will lead to a% increase in steadystate output. Compare this result to the immediate impact of an unanticipated 10% increase in H (i.e., consider the impact of a 10% increase in H with the stock of capital unchanged).
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit..
where a > 1. In addition assume that the firms target own profit maximization, compete (simultaneously) in quantities and have marginal costs equal to c1 = c2 = c. Assume that 1 > c > or equal to 0. Describing the necessary mathematical steps, and..
A monopoly is considering selling several units of a homogenous product as a single package. A typical consumer's demand for the product is Q^d = 50 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put ..
Establish a similar equivalence for a classification network.
Find the probability distribution for X.
Enrollment at City University is increasing 3% per year, its cost per credit hour is increasing 8% per year, and states funds are decreasing by 4% per year. State funds currently pay half of the costs for City U., while tuition is required
Will the total revenue on any day be normally distributed
A ride is built and Revenue is projected to be $1 million initially (i.e., at time 0), $1.05 million after the first month, $1.1025 million after the second month, and amounts increasing by 5% each month through the first year.
The cost-versus-performance curves are exponential. Do you think this is representative of reality?
a consumer of two goods faces positive prices for both goods and has positive income. her preferences over consumption
If an insurance company were offering life insurance to the entire group, but could not find out about family cancer histories, what would be the actuarially fair premium for the group as a whole? c. What will happen to the insurance company if it..
Now that India is also opening up to world trade, how would you expect this to affect the welfare of China? Of the United States? (Hint: Think of adding a new economy identical to that of China to the world economy.)
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