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Two countries, Richland and Poorland, are described by the Solow Growth Model. They have the same production function, F(K, L) = Ka(EL)1a, but with different quantities of capital and labor. Richland saves 32 percent of its income, while poorland saves 10 percent. Richland has population growth of 1 percent per year, while Poorland has population growth rate of 3 percent. Both nations have technological progress at a rate of 2 percent per year, and depreciation at a rate of 5 percent per year. 1. What is the per effective worker production function, f (k)? 2. Solve for the ratio of Richland’s steady-state income per worker to Poorland’s. 3. If the Cobb-Douglas parameter a takes the conventional value of 1/3, how much higher should income per worker be in Richland compared to Poorland? 4. Income per worker in Richland is actually 16 times income per worker in Poorland. Can you explain this fact by changing the value of the parameter a? What must it be? Can you think of any way of justifying such a value for this parameter? How else might you explain the large difference in income between Richland and Poorland?
You plan to withdraw equal annual amounts on your sixty-first, sixty-second, seventieth birthdays. How much will be your annual withdrawal? b. On your sixty-fifth birthday, you decide to withdraw the entire amount remaining. How much do you withdra..
By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP
You do not incur any cost to produce goods you sell and thus your profit equals selling price if you make a sell. Or three sellers do not have any costs either.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Compute the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Explain why do you think maximising sustainable yield is often suggested as the appropriate goal of fishery.
Westinghouse and General Electric are competing on the newest version of clothes washer and dryer combinations.
Law of demand does not hold since attendance at the major league parks has dropped while at the same time ticket prices have fallen.
Oligopolies are always bad for society. The beer industry has a few large firms and many small firms; therefore we would not call it an oligopoly.
A firm employs 8 units of the variable resource. at this level of employment, average product is 2, and average variable cost is $4. Explain how much output is the frim producing.
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply.
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