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Consider the model of Section 18.2 with F corresponding to the production function of an individual firm j (with a slight abuse of notation). Let (18.3) correspond to the law of motion of the technology of the firm, with σj = σ(hj ), where hj is the average human capital of the workers of firm j , and σ is a strictly increasing and differentiable function. To simplify the discussion, suppose that each firm employs a single worker.
(a) Derive the wage of the worker of human capital hj.
(b) Show that an increase in g (at any t) increases wages. Derive the implications of changes in g on the returns to human capital. Contrast an increase in the returns to human capital driven by an increase in g with those discussed in Chapter 15.
East Chicago is a major production center of steel in the United States. In the process of producing steel, the firms in this are emit pollution both into the air and into the water which adversely affect Indiana residents. The EPA has determined ..
For each of the following cases, calculate the arc price elasticity of demand and state whether demand is elastic, inelastic, or unit elastic. When the price of milk increase from $2.25 to $250 per gallon
Given PxX + PyY = I and the information in question one above and a point system where px = 2, py = 8 and the number of points available is 450, is the consumer constrained by points If so, what is the consumption point
Consider the production function Q= 20K1/2L1/2 The firm operates in the short run with 16 units of capital.Using the marginal product (MP) function derived in part c, the marginal product is _____ when 160 units are produced.
Calculate your total tax liability under the 2013 federal income tax structure, assuming your income is $75,000. Assume you are single and using the personal exemption of $3,900 and the standard deduction of $6,100. Calculate your effectiv..
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..
Evaluate their effectiveness with respect to certain areas within your discipline.
Calculate the initial investment outlay and operating cash flow
Ymir Larson farms near Niffleheim, Minnesota. He works 80 hours a week. He can either grow rutabagas or raise pigs. Every hour that he spends growing rutabagas gives him $2 of income this year. Every hour that he spends raising pigs this year will..
A discriminating monopolist faces the demand schedule Pmkt = 225 - Q and MC = 125 a) What is the market-clearing price for the discriminating monopolist b) How much will the monopolist produce What is the net profits of the monopolist
Why might a tax on domestic consumption of resources critical for national security be a more efficient approach than barriers to imports?
Prove that there does not exist a steady-state equilibrium.
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