EBK ECON: MACRO4
EBK ECON: MACRO4
4th Edition
ISBN: 9781305562097
Author: MCEACHERN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 19, Problem 2.3PA
To determine

Between import-substitution policy and export-promotion policy, the policy that is preferred by the domestic producers and consumers.

Concept Introduction:

The measures taken by the government to reduce the import of goods and services by promoting local businesses to develop the goods and services indigenously is known as import-substitution policy whereas the measures taken by the government to promote the export of locally produced goods and services in the global market is known as an export-promotion policy.

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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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