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Consider an economy whose production can be characterized by the following production function: Yt = 2K^5 N^5
Suppose that individuals in this economy invest 30% (use .30 in the graph) of what they produce; the labor force in this economy grows at 5% (use .05) per year; and 10% (use .1) of the capital stock wears out each year.
a. Write the production function in per worker terms. Draw a graph of this production function. Introduce a curve that shows the level of investment in the economy for each value of k. Add a segment that shows the required rate of investment for a steady state capital labor ratio. What is the slope of this last line? Show the steady state equilibrium points. Label carefully.
b. Suppose that the capital labor ratio equals 9. Calculate the value of investment in the economy. Calculate the required rate of investment for k = 9 to be a steady state. Is 9 a steady state capital labor ratio? Why or why not.
There is no way to identify family types for pricing purposes also all costs are fixed so to maximizing total income is equivalent to maximizing profit.
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If, in the short run, a perfectly competitive firm is producing at a point where total cost is greater than total revenue, then the firm should.
The net result was the Japan's automobile industry improved its productivity throughout this period relative to the US, which generally just kept up with inflation due to its already high rate of accumulated experience also relatively slow growth.
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