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Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0<s<1. GDP is given by a Cobb-douglas aggregate producntion function Qt=AK^aL^(1-a), where A is constant. Solve for steady state of kt where kt=K/L
Suppose the Solow model from this question applies to two seperate economies i=1 and i =2. The economies are the same except for A1>A2 and s1<s2. Let c(i)* and y(i)* be the steady state consumption per labor and output per labor for economy i=1,2. Show how C(1)* comparse to c(2)* and how y(1*) compares to y(2)*. (Assume at equilbrium for both k of each economy such that k1=k2). Then solve for k1>k2 and k2>k1.
Consider a nation with an economic structure consistent with assumption of classical model. Assume that businesses in this country suddenly anticipate higher future profitability from investments they undertake today.
At this level of real GDP, consumption will be $___, and savings will be $___. If GDP were to increase by $1000, consumption would increase by $___. (round your responses to the nearest dollar.) At a real GDP levelof $6000 the average propensity to..
The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Evaluate the price and the output information in the following table. Calculate the related total revenue and marginal revenue.
Finally, based on these economic concepts as well as your own point-of-view, discuss and explain what is worse for our U.S. economy, too much inflation or too much unemployment?
You're the manager of copies are us. The only copy store in town, the carbon copy, recently got bids on adding a colour copier.
Illustrate why would you be reluctant to advise that your country increases its money supply.
Bill gets utility (satisfaction) from two goods, x and y, according to the utility function u(x,y) = ln(x) +ln(y). While Bill would like to consume as much as possible he is limited by his income, which is 100 dollars.
Use the following information for a perfectly competitive firm and the profit-maximizing input-combination rule to identify how many workers firm will employ to maximize profits.
Early Classical economists found following diamond or water paradox perplexing: Why is water, which is so useful and so necessary, so cheap.
Read the article "FDI into Africa on the up" from Ernst and Young and discuss on the following questions by writing 1 and half pages with proper citation with own words. § What is the impact of increasing FDI into Africa on the global economy? § If y..
The decisions of the World Trade Organization in particular have been the subject which has much criticism.
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