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Consider an economy with the saving rate is 0.4 (40%), and the depreciation rate is 0.1 (10%). We observe that when output of this economy(Y) is 2, the most efficient input combination is (L, K)=(1,2) and when the output(Y) is 4, the most efficient input combination is (L, K)=(2,4). We assume the fixed-coefficient production function and constant returns to scale.
(1) Draw the isoquants map with Y=2 and Y=4. (Hint: the isoquant for the Harrod-Domar growth model is the L-shape.)
(2) What is the capital-labor ratio and capital-output ratio when Y=2 and when Y=4?
(3) Write the capital accumulation equation for this economy, and represent the change of output as a function of the change of capital stock and capital-output ratio. Combine these results to estimate the growth rate of this economy. What is the estimated growth rate?
Show how, for this person, the lower tax rate affects AFDC costs and affects labor supply. What can you say about government policy if there are some individuals of the first type, some of the second type, and some of the third type?
For those 50 or older, membership in AARP, formerly known as the American Association of Retired persons, brings numerous discounts for health insurance, hotels, auto rentals, shopping, travel planning, and so on.
What point on the curve would you select?
Can any information be derived from one that cannot be derived from the other?
If in the short run the supply curve is nearly vertical, what (if anything) can you infer about the demand elasticity from observing the effect of a tax on the change in price and quantity?
Some car dealers offer used cars for sale with warranties and some offer them without warranties. Describe the equilibrium in the market for used cars. Is the market efficient?
Compute the equation of a trend line (similar to Equation 5.4) for these sales data to forecast sales for the next year. (Let 1997 = 0, 1998 = 1, etc., for the time variable.) What does this equation forecast for sales in the year 2007?
own a bond that pays a semiannual coupon of $100 on Jan. 1 and July 1 of each year until 2020, and will pay $10,000 in addition to the coupon payment on Jan. 1, 2020. Tomorrow (Jan 2, 2012) you receive two pieces of information.
Choose a text to analyze. (It can be as small as one or two sentences from a piece of work. You do not need to choose an entire piece of work, as that would be too much to contain in one piece of art.)
Draw a figure to illustrate the answer given in Solved Problem 5.4. Use math and a figure to show how adding an ad valorem tax changes the analysis. (See the application "Shipping the Good Stuff Away.")
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe in their potential output in tons per years. Do not graph or illustrate - only provide numerica..
How might capacity be measured? In what ways is capacity limited by labor constraints and by capital constraints? What are the consequences if demand in the economy exceeds capacity? What signs would you look for?
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