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Consider Solow's model when the production function is Y = 1000K0.3 L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Factor Productivity increases by 10%.
a) Compute how much more output there is in this economy immediately thanks to this improvement in technology.
b) Assume that the economy has made the transition towards its new steady state. Perform a growth accounting exercise: given the initial and the final steady states, compute how much of growth per unit of labor is accounted for by the increase in capital per unit of labor and how much is accounted for by the technological improvement.
c) Discuss to what extent the result of this accounting exercise is correct. Remember that the savings rate did not change at all.
between 2009 and 2010 the quantity of cars produced and sold decreased by 20. during the same period the price of cars
In 2007 and 2008 the Federal Reserve Open Market Committee voted to lower interest rates repeatedly. Please explain: a) why the Fed would do this, b) how the Fed would do this,c) Possible consequences on the economy of the Fed's actions.
What three legal doctrines had an important impact on economic activity during the first period of US national development? Describe their impact
If not, what government expenditures should be excluded from GDP? Are income taxes collected by the government from consumers included in GDP and, if so, how?
How much will this price support cost the government?
Neoclassical economics was 'a crucial stage in the creation of a genuinely scientific unified theory of economic behaviour'. Discuss.
1. stag hunt. two guys go hunting for food and each can choose to hunt stag or hunt hares. only if both players hunt
If the formerly "free" organ now has a price placed upon it, then that will drive up the total costs for having organ transplants, thus making such operations more expensive and, therefore, out of reach for lower-income people.
A currently owned shredder used in a refuse-powered electrical generating plant has a present net realizable value of $200,000 and is expected to have a market value of $10,000 after 4 years. Operating and maintenance disbursements are $100,000 per y..
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
In a repeated prisoners’ dilemma decision, both managers can make credible threats to punish cheating because
Imagine that you are trying to value a particular piece of wilderness that people use for recreational hiking and cycling. While this area has no entrance fee, statistics have been kept on who visits and how frequently they visit the area.
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