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Suppose GDP in 2010 is USD 1.577 trillion and the average annual growth rate is 3%. a. Calculate the GDP in 2025 using both continuous and discrete compounding.b. What is the GDP in 2025 if the average annual growth rate increases to 4.5%?c. What must be the average growth if in 2025 GDP is USD 3.500 trillion.Suppose that households change their preferences so that they wish to consume more and save less in the current year. That is, current consumption rises for a given interest rate, and for given current and future income. a. Show on a graph (with axes L and w/P) the effects on the labor market. What happens to labor input andreal wage rate?b. Show on a graph (with axes K and R/P) the effects on the market for capital services. What happens to theinterest rate?Consider Cobb-Douglass production function Y = 60K1/3L2/3 with marginal product of labor MPL = 40K1/3L-1/3 and marginal product of capital MPK = 20K-2/3L2/3.a. Complete the following table:K L Y64 8128 16192 24b. Explain how these results illustrate the property of constant returns to scale.c. Find the numerical value of the marginal product of labor MPL when K = 64 and L = 8. Recall that, in equilibrium, firms will hire workers until their MPL equals the real wage w/P. If firms in the economy had decided to employ eight workers, what would the equilibrium real wage have to be?d. Evaluate the marginal product of capital MPK when K = 64 and L = 8. Recall that, in equilibrium, firms will hire capital until the MPK equals the real rental price of capital R/P. If firms in the economy had decide to employ 64 units of capital, what would the equilibrium real rental price of capital have to be?e. Show that this production function satisfies Euler's theorem Y = K · M P K + L · M P L algebraically and numerically using table in (a).Write down a permanent income equation for 7 years, t=0,1,2,3,4,5,6. Suppose that Y0 = 1000 and the income doubles every year. The discount rate is 5%.a. What is the permanent income?b. What is the change in the permanent income if the discount rate increases to 7%. c. What is the permanent income if the income triples (not doubles) every year?
For each level of output except zero output, calculate the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC) Qty of boats Total Cost Variable Costs Average Variable Costs Average Total Costs Average Fixed Costs 0 ..
the region of acceptance will be wider than for large samples. the population is normally distributed. a larger computed value of t will be needed to reject the null hypothesis. the confidence interval will be wider than for large samples.
Suppose last year's real GDP was $10,000 billion, this year's nominal GDP is $13,800 billion, and GDP-deflator for this year is 110. Determine the growth rate of real GDP?
The setup activity price driver rate, using the best cost driver for this situation.
The fiscal policy makers of Leverett want to adjust taxes to maintain the exchange rate at its previous level. What should they do If they do this, what are the overall effects on saving, investment, net exports, and the interest rate
Joshua loans his son, Seth, $100,000 interest-free for five years. Seth uses the money for a down payment on his home. Assume that the applicable federal rate of interest is 5 percent.
macropoland a country that is a natural gas and oil importer has a natural rate of unemployment at the full employment
Quinton needs a new refrigerator. He has two choices a basic one, or a more efficient one from Energy Star. He earns 4% compounded annually on his investments, he wants to consider a 10-year planning horizon, and he will use present worth analysis to..
Discuss the case in the context of both a flexible exchange rate and a fixed exchange rate - impact on a country's total spending
The Present Worth (PW) of the cost (- Installed cost and operating cost + Salvage value) of Westinghome is most nearly
Illustrate what do you think would be the effect of increases/decreases in the dollar's exchange value on the firm's profitability.
The Bureau of Labor Statistics announced that in February 2008, of all adult Americans, 145, 999,000 was employed, 7,381,000 were unemployed, and 79,436,000 were not in labor force.
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