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Countries A and B have the same Cobb-Douglas production function with = 1/3, and identical rate of depreciation of 0.05 (5%). Country A has an investment rate of 10% and a population growth rate of 8%. Country B has an investment rate of 8% and a population growth rate of 5%.
a. Without calculating the GDP per capita for each country, explain why it is impossible to tell which country would have the higher GDP per capita.
b. Now, using the information given, find which country has the higher steady-state GDP per capita and by how much?
llustrate what is maximum amount it would be worth to shareholders to elicit high CEO effort all time rather than low CEO effort all time.
The utility function of a consumer is u(x, y) = x0.5 + y0.5. What are the demand functions of good x and good y(that is, we derive the demand function from the maximization of the utility function). What is the price elasticity of demand of good y(i...
There is a life-saving drug for Hepatitis C (Sovaldi). It can cost up to $84,000. There is one and only one provider of it. You are around the dinner table with your family this weekend and your family knows you have been taking Health Economics. wha..
How do concepts of dharma, karma, and samsara shape the social order in Hindu societies? What do these concepts have to do with the ideology of the caste/varna system?
I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus. Throughout it's history, total surplus has been criticized several times and on ..
Why do you suppose that some publishers are selling space for advertisements in their e-books-- and sometimes even in physical books? From an economic standpoint, how could we explain the willingness of someone to pay 19.99 for a physical book that i..
The US Bureau of Labor Statistics reports the most recent seasonally adjusted monthly statistics for the nation, Calculate labor force size (# of people in labor force) and labor force participation rate (LFPR). Calculate employment population ratio ..
Consider two firms whose marginal costs of production are MC(Q1) = 10Q1; MC(Q2) = 5Q2: Suppose each unit of output produced, Q, results in one unit of emissions, E. Suppose the two firms sell their output in a perfectly competitive market, with perfe..
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
The very recent past in Latin America suggested at least the possibility of a swing back toward populism. Research this question and decide whether current populism in Latin America is similar to past populist movements, especially by comparing econo..
What would be good textbooks at the graduate level that deal with Labor Economics and Labor-Macro (As in, Equilibrium Unemployment Theory, Shimer Puzzle etc)?
Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 8 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then ..
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