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The amount of education the typical person receives varies substantially among countries. Suppose you were to compare a country with a highly educated labor force and a country with a less educated labor force. Assume that education affects only the level of the efficiency of labor. Also assume that the countries are otherwise the same: they have the same saving rate, the same depreciation rate, the same population growth rate, and the same rate of technological progress. Both countries are described by the Solow model and are in their steady states. What would you predict for the following variables?
a. The rate of growth of total income
b. The level of income per worker
c. The real rental price of capital
d. The real wage
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is -3. Find the price at which the firm sells the product.
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A monopoly firm is different from a competitive firm in that there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product or else.
if you owe money to a bank. Will you gain or lose from an unanticipated decrease in inflation and how could inflation make people turn to exchange by barter?
State the rule for optimum input allocation to produce a given level of output at the lowest possible cost -when two inputs are variable.
Find the profit-maximizing price and output of the new monopoly.
Provide an argument for or against trade. Explain your reasons. What should government do to support your argument.
Keyenes consumption function appears to explain consumption over the short run but not consumption over the long run - why?
Suppose the government allows imports of rice into the United States. If the world price is $2 per pound, what happens to the price that domestic sellers charge and what is the quantity of imports A) The price that U.S. sellers charge is still $4, ..
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