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Alter the Solow growth model so that the production technology is given by Y = zK, where Y is output, K is capital, and z is total factor productivity. Thus, output is produced only with capital.
(a) Show that it is possible for income per person to grow indefinitely.
(b) Also show that an increase in the savings rate increases the growth rate in per capita income.
(c) From parts (a) and (b), what are the differences between this model and the basic Solow growth model? Account for these differences and discuss.
Consider an economy in which autonomous consumption is 800, the marginal propensity to consume is 0.8, investment is 400, government spending is 500, taxation is 400, and net exports are 100. What is the equilibrium GDP in this economy? What are the ..
A tire production company has the fixed costs equal $4,000,000 and the variable cost of production of one tire is $30. Each tire is sold for $70 per piece. what is the break-even production output? how many tires should the company produce to generat..
If a natural monopolist is forced to price at marginal cost, does surplus increase or decrease and why? I thought that consumer surplus increased more than the producer lost because now production would be where MC crosses D rather than where MC cros..
By Elucidate how much also in Illustrate what direction does GDP change as a result of his efforts.
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In each of the following situations, the possible bundles contain apples and oranges and either 0, 1 or 2 of each. An example bundle would be 2 apples and 1 orange = (2, 1). In each part, there is a description of a set of preferences. If the orderin..
Economists have typically thought of the money supply as an exogenous variable; however, many would argue that it really should be treated as an endogenous variable. What’s the di?erence? Also, what does endogenous money mean for the Fed’s ability to..
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and ex..
The majority of schools of medicine, dentistry, nursing, and other professions and their teaching hospitals are heavily subsidized by federal and state funds. Do health care providers who reap the benefits of high compensation and social position hav..
To get going with your business very quickly, you plan to buy an existing business. You expect the business you are buying to have an after tax cash flow $8 million per year for the next 5 years. Your WACC is 10% returns. What is the maximum amount y..
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