PRINCIPLES OF ECONOMICS
PRINCIPLES OF ECONOMICS
14th Edition
ISBN: 2810015433483
Author: OpenStax
Publisher: OpenStax
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Chapter 19, Problem 7SCQ

According to Table 19.7, how long has the average expansion lasted since the end of World War II?

Chapter 19, Problem 7SCQ, According to Table 19.7, how long has the average expansion lasted since the end of World War II? , example  1

Chapter 19, Problem 7SCQ, According to Table 19.7, how long has the average expansion lasted since the end of World War II? , example  2

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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?
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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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PRINCIPLES OF ECONOMICS

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