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Consider how unemployment would affect the Solow growth model. Suppose that output is produced according to the production function Y = K^a(1-U)L^1-a , where K is capital, L is the labor force, and u is the natural rate of unemployment. The national saving rate is s, the labor force grows at rate n, and capital depreciates at rate ?
a. Express output per worker (y=Y/L) as a function of capital per worker and the natural rate of unemployment.
b. Write an equation that describes the steady state of this economy.
c. Suppose that some change in government policy reduces the natural rate of unemployment. Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
Night Timers chief engineer anticipates that the product will be sold in ten-foot rolls. At present, the company's maximum production capacity is 140,000 rolls per year. The engineer believes the cost function to b be described by C= $50,000 + 0.2..
Design specifications require that the diameter of an automotive axel measure 200 ± 18 mm. The milling process being considered for producing the axel has a standard deviation of 10mm. a. What is the process capability
Hillary can invest her family savings in two assets: riskless treasury bills or a risky vacation home real estate project on an Arkansas river. The expected return on treasury bills is 4 percent with a standard deviation of zero.
Suppose that an auto company owned entirely by german citizens opens a new factory in south carolina. What sort of foreign investment would this represent Would the effect pm the U.S. GDP be larger or smaller
Determine the effect of mandated health insurance profits be on the labor if the employees do not place any value on the benefits? What if they do place value on the profits?
The heat loss through the exterior walls of a certain poultry processing plant is estimated to cost the owner $3,000 next year. A salesman from Superfiber Insulation, Inc., has told you, the plant engineer, that he can reduce the heat loss by 80% ..
Suppose that the price elasticity of demand for cigarettes is.46 in the short run and 1.89 in the long run, the income elasticity of demand for cigarettes is .50, the cross price elasticity of demand between cigarettes and alcohol is -.70.
Over the last one year the Four Winds Novelty Corporation has recorded its internet sales and its monthly total variable costs for a particular novelty item as demonstrate in the following table.
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to..
Reviewing your file, your home insurance company found that you paid $1000/year beginning October 1992 and your premium has been increasing by $50-a year since you started. The company had to pay you $15,000 compensation for weather damages
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
European governments tend to make greater use of price controls than does the U.S. government. For example, the French government sets minimum starting yearly wages for new hires who have completed le bac, certification roughly equivalent to a hig..
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