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Consider a production function of the form Y = AF (K, N, Z), where Z is a measure of natural resources used in production. Assume this production function has constant returns to scale and diminishing returns in each factor.
a. What will happen to output per head if capital and labor both grow but Z is fixed?
b. Reconsider (a), but add technical progress (growth in A).
c. In the 1970s there were fears that we were running out of natural resources and that this would limit growth. Discuss this view using your answers to (a) and (b).
You own a portfolio that has $3,200 invested in Stock A and $4,300 invested in Stock B. Assume the expected returns on these stocks are 12 percent and 18 percent, respectively. What is the expected return on the portfolio?
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The nation of Leisureland can produce two goods, bicycles and bowling balls. The western region of Leisureland can, if it devotes all its resources to bicycle production, produce 100 bicycles per month. What is the opportunity cost of producing an ad..
Use the classical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of the following events. A technological advancement improve the production function
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