An economy has a cobb-douglas production function: y=k? (le) economy has a capital share of a half, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of labor-augmenting technological change of 1 percent. it is in steady state. a. at what rates do total output, output per worker, and output per effective worker grow? b. solve for capital per effective worker, output per effective worker, and the marginal product of capital. c. does the economy have more or less capital than at the golden rule steady state? how do you know? to achieve the golden rule steady state, does the saving rate need to increase or decrease? d. suppose the change in the saving rate you described in part (c) occurs. during the transition to the golden rule steady state, will the growth rate of output per worker be higher or lower than the rate you derived in part (a)? after the economy reaches its new steady state, will the growth rate of output per worker be higher or lower than the rate you derived in part (a)? explain your answers.
Answers: 2
Business, 22.06.2019 07:30, taridunkley724
Hours to produce one unit worker hours to produce yarn country a 8 hours country b 4 hours worker hours to produce fabric counrty a 12 hours country b 13 hours additional worker hours to produce fabric instead of yarn country a ? country b? which of the follow is true of the trade relationship between country a and country b? country a has an absolute advantage in producing yarn and fabric country b has an absolute advantage in producing yarn and fabric country b has a comparative advantage to country a in producing fabric country a has a comparative advantage to country b in producing fabric
Answers: 2
Business, 22.06.2019 11:50, CheddaDsk
What is marketing’s contribution to the new product development team? a. technical expertise needed to translate designs into an actual product/service. b. deep customer insight that leads to product ideas. c. ability to assess financial viability d. feedback on design as well as how customers will actually use the product e. technical expertise needed to translate concepts into product/service designs.
Answers: 2
Business, 22.06.2019 14:30, rakanmadi87
If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided
Answers: 1
An economy has a cobb-douglas production function: y=k? (le) economy has a capital share of a half...
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