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Consider the Solow growth model with the production function Y=F(K,L)=KL/K+L. a . Find the production function in terms pf capital per labor. b. What is Solow's equation for the evolution of the capital/labor ratio? c. If capital depreciation rate is 0.02 and saving rate is 0.1, describe the steady state of the economy for capital, output and consumption.
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. Graph the curves and label the area of the graph which represents the tax collection as TC and the area representing the deadweight los..
Explain the connection between the vertical long-run aggregate supply curve and the vertical long-run Phillips curve.
What is the output of each firm if they collude to produce the monopoly output. What profit does each firm earn with such collusion.
When the price of an input decreases, the output effect (or real purchasing power effect) only predicts that, all else remaining constant,.... When the price of an input decreases, the substitution effect predicts that, all else remaining constant,....
Suppose Canada has 100 workers and 160 units of capital whereas Mexico has 100 workers and 70 units of capital. Apply the definitions of factor abundance and factor intensity to sort countries and products. What would you expect the pattern of trade ..
A cost of using Fed discount operations to prevent bank panics would be ______. Economics of scale explains the existence of financial intermediaries because of ______. Benefits of using a nominal anchor for the conduct of monetary policy includes __..
Why would consumers demand 0 minutes in the long run if the price was $.30 every minute.
It can be argued that knowledge flow, sharing, and leveraging is required for effective global business management. Present an example of this in practice (what does it look like?), and discuss how value is generated. How does this relate to str..
Lane is responsible for reviewing the standard costs. While revieweing the standard for the coming year, two ethical issues arise.
In 2001, the economy of the United Kingdom exported goods worth £192 billion and services worth another £77 billion. It imported goods worth £225 billion and services worth £66 billion. Calculate the U.K. merchandise trade deficit for 2001. Calculate..
Which of the following transactions would be recorded as a credit in the U.S. current account?
If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why? Show all work
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