Connect Access Card for Microeconomics
21st Edition
ISBN: 9781259915734
Author: Campbell McConnell, Stanley Brue, Sean Flynn
Publisher: McGraw-Hill Education
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Chapter 10, Problem 5DQ
To determine
Relevance of pure competition.
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5. We learnt the following equation in the class: Ak = sy - (n + 8)k where y = ko. Now, I
transform this equation into: Ak/k = sy/k - (n + 8). I want you to use a diagram to show the
steady state solution of this equation (In the diagram, there will be two curves - one
represents sy/k and one represents (n + 8). In the steady state, of course, Ak/k = 0). In this
diagram, the x-axis is k. What will happen to this diagram if the value of n increases?
Not use ai please
3. A country has the following production function: Y = K0.2L0.6p0.2 where Y is total
output, K is capital stock, L is population size and P is land size. The depreciation rate (8)
is 0.05. The population growth rate (n) is 0. We define: y = ½, k = 1 and p = . Land size
is fixed.
L
a) Find out the steady state values of k and y in terms of p, the per capita land size.
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Connect Access Card for Microeconomics
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