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In the Solow growth model, assume that the aggregate production function is Y = zF(K;L), where Y is total output, z is total productivity, K is the total capital input, and L is the total labor input. Suppose that the Cobb-Douglas form for the production function F(K;L) = K aL1-α, where 0
a. Find an expression for the output per worker as a function of the capital-labor ratio.
b. Suppose that the marginal product of capital increases for each level of capital, given the labor input level. What is the effect of this capital productivity increase on the aggregate production function? Show graphically the impact of this productivity increase on the steady-state capital-labor ratio and output per worker. Explain briefly.
In the preceding question, assume that new cars sell for $18,000 and used cars sell for $2,000. If there is no depreciation and risk-neutral consumers know that 20 percent of all new cars are defective, how much do the consumers value a non defect..
Is each of the following items more likely to be the subject of an informational or a persuasive advertisement?For an office copying machine a firm is more likely to use
Consider the above-described OLG economy and suppose that the decentralized competitive equilibrium is dynamically inefficient.
What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?b. Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit..
Write a summary of the reports, key conclusions, and your opinion of them.
Perform a common factor test. If the AR(1) model is rejected, and there are terms with insignificant coefficients in the second regression, investigate the consequences of dropping them.
What was the total percentage change in real GNP per capita in Kenya from 1967 to 1987?
The system is expected to generate positive cash flows over the next four years in the amounts of $350,000 in year one, $325,000 in year two, $150,000 in year three, and $180,000 in year four. Rent-to-Own's required rate of return is 8%.
Suppose a perfectly competitive firm can produce 20,000 bushels of corn a year at an output at which marginal cost equals marginal revenue. The market price of corn per bushel is $2.00. The firm's total costs per year are $50,000
Explain why the difference between these wage rates equals the cost of acquiring human capital.
Enter the estimate of the intercept term of the first stage regression in the box and enter the 25LS estimate of t3L in the box below (rounded to 3 decimal places).
Suppose that Mensa Inc. is a representative firm operating in a perfectly competitive industry. Mensa's total cost of production, TC, is given by the equation TC = 5,000 +5q2, where q is Mensa's output. How much profit does Mensa make at that outpu..
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