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Consider a modified version of the continuous-time Solow growth model where the aggregate production function is
where Z is land, available in fixed inelastic supply. Assume that α + β
(a) First suppose that there is no population growth. Find the steady-state capital-labor ratio in the steady-state output level. Prove that the steady state is unique and globally stable.
(b) Now suppose that there is population growth at the rate n, that is, L/L ? = n. What happens to the capital-labor ratio and output level as t → ∞? What happens to returns to land and the wage rate as t → ∞?
(c) Would you expect the population growth rate n or the saving rate s to change over time in this economy? If so, how?
the initial price of a cup of coffee at a local gas station on is 1 and at that price 400 cups are demanded
Assume Nail Mania advertises in the local newspaper. Each day it advertises costs $100. Over the past several months, Nail Mania has conducted market research and developed the following information Number of days advertised per week Number.
Do the findings of this article apply to the current situation of the United States? Why or why not? Again, be clear in defending your position.
U(C,1-L)=4C2/3(1-L)1/3, where C is the amount of consumption and L is the number of hours worked. If the price for consumption is $9, the wage rate per hour is $6, initially the consumer had $162 and 24 hours as time endowment
The Largo Publishing House uses 400 printers (workers) and 200 printing presses to produce books. A printer's wage rate is $20 per hour and the price per hour of a printing press is $5,000. The last printer hired added 20 books (per hour) to total..
plot the Lorenz curves corresponding to the two sets
The patent on Zatab expires next month, and dozens of pharmaceutical firms are prepared to enter the market with identical generic versions of Zatab. What price and quantity will result once the patent expires and competition emerges in this marke..
Suppose that a tax of T is placed on buyers, so the new demand equation is QD = 300 - (P + T). Solve for the new equilibrium. What happens to the price received by sellers, the price paid by buyers, and the quantity sold
Develop an estimate for the cost of washing and drying a 12-pound load of laundry. Remember to consider all the costs. Your time is worth nothing unless you have an opportunity to use it for making, or saving money on other activities.
Tools of Monetary Policy - Explain why the number of tools (instuments) has to be less than or equal to the number of economic objectives (goals).Think about the demand and supply of money diagram and what determines the price of money or the rate of..
The estimated economic results for the project (after taxes), in the foreign currency (T-marks), is shown in the following table for the seven-year analysis period being used. The company requires an 18% rate of return in U.S. dollars.
The demand and supply for a particular commodity are given by the following two equations: Demand: P = 75 - 2Qd and Supply: P = -15 + 4Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
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