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A variation on the Romer model. Considerthe following variation:
1/2
Yt = At Lyt ,
At+1 = z At Lat ,Lyt + Lat = L,
Lat = lL.
There is a single difference: we've changed the exponent on At in the production function of the output good so that there is now a diminishing marginal product to ideas in that sector.
1. Provide an economic interpretation for each equation.
2. What is the growth rate of knowledge in this economy.
3. What is the growth rate of output per person in this economy?
4. Solve for the level of output per person at each point in time.
Assume the Mushroom Kingdom: there are 21659 gold coins in circulation, nominal GDP is 86722 gold coins, the Central Bank of Mushroom Kingdom increases the number of gold coins in circulation by 2.4% each year, and GDP increases by 4.8% annually.
Real GDP in the U.S. increased by a% in 2008 and increased by b% in 2009, and increased by d% in 2010. In class, we learned that the average annual growth rate of real GDP for the period 2008-2010 can be (1) approximated as: (a% +b% +d%)/3
An owner can lease her building for $100,000 per year for three years. The explicit cost of maintaining the building is $35,000, and the implicit cost is $50,000. All revenues are received, and costs are borne, at the end of each year. If the inte..
Suppose that there are two countries, X and Y, that differ in both their rates of investment and their population growth rates. In country X, investment is 20% of GDP, and the population grows at 0% per year. In country Y, investment is 5% of GDP,..
Are there any predictable performance cycles for Wal-mart? If so, what are the periods over which its cycle waxes and wanes?
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
Assume that the country is in a period of high unemployment, interest rates are at almost zero, inflation is about 2% per year, and GDP growth is less than 2% per year. Suggest how fiscal and monetary policy can move those numbers to an acceptable..
Sam purchased a machine 4 yrs ago at at cost of $8,000. It has a book value of $2300. It can be sold now for $4,300, or it could be sold for 3 more yrs,at the end of which time it would have no salvage value. assuming it is kept for 3 more yrs.
(Advanced Analysis) Assume that the consumption schedule for a private open economy is such that consumption is as follows: C = 50 + 0.9 Y Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and const..
An investment of $10000 generates a net revenue of $15000 per year for 10 years with the salvage values $20000 is this a good investment at i = 10% annually also determine the IRR
Fluff Rite, Inc., manufactures stove top popcorn poppers that it sells to distributors, who then customize and distribute the products to retailers as house-brand poppers. The yearly volume of output is 100,000 units.
Supply and demand Joy's frozen yogurt shops have enjoyed rapid growth in northeastern states in recent years. From the analysis of joy's various outlets, it was found that the demand curve follows this pattern. Q=200-300P+120 I +65T-250Ac+400 Aj Q..
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