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Suppose the parameters of the Romer model (the no-capital version) take the following values: A¯ 0 = 100, ¯` = 0.10. ¯z = 1/500, and L¯ = 100.
(a) What is the growth rate of output per person in this economy?
(b) What is the initial level of output per person?
(c) What is the level of output per person after 100 years?
(d) Consider the following changes, one at a time: a doubling of the initial stock of knowledge, a doubling of the research worker proportion, a doubling of research productivity, and a doubling of the population. In each case, how would your answers to parts (a), (b), and (c) change? (e) If you could advocate one of the changes considered in part (d), which would you choose? Briefly state why you would choose this change.
Write-down your own, or an imaginary person’s balance sheet. It should include assets (textbooks, etc.) and liabilities (student loans of at least $100, Money you owe to a friend, etc.). Don't forget to include net worth. [No need to write a long bal..
Graphically depict using the Average Total Cost curve (among others) why efforts to break up a monopoly into many small firms will not be successful. Explain your intuition as well.
Suppose you own a car wash and that its total cost function is C = 20 + 2Q + .3Q^2 where C = total cost in dollars per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. Derive the firm’s short run supply cur..
If the government raises your marginal income tax rates and uses the money in a way that does not affect you in any way.
Consider the following statement, paraphrasing one lament by fans. “Fans can never catch up with the vicious cycle of sports event pricing. As fan income rises, they can finally afford the high price of sports events
Which of the following is not a characteristic of a corporation?
Woody's utility function is U(C, R)= C- (12-R)^2, where C is his consumption and R is the amount of leisure he has per day. He has 16 hours a day to divide between work and leisure. He has an income of 20$ a day from non-labour sources. If Woody can ..
Suppose low-income people have preferences for non-food consumption (NF) and for food consumption (F). In the absence of any income transfer programs, a person's budget constraint is given by NF + PFF = I where PFF is the price of food relative to no..
illustrate the effects of capital formation by comparing the production possiblility curves at the present time and ten years in the future.
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
1. What are the growth promoting policies prescribed by neoclassical models? 2. What are the growth promoting policies prescribed by new growth models? Give me the good explanation.
Find out statistics on the web from 2004 to present on the fillowing indicators of the macroeconomic conditions of U.S. economy:
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