ECONOMICS W/CONNECT+20  >C<
ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
Question
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Chapter 3, Problem 3P

Subpart (a):

To determine

Shortage or surplus.

Given information:

Table 1 shows the demand for bushels and supply of bushels:

Thousands of bushels demanded

Price

Thousands of bushels supplied Shortage or surplus
85 3.4 72 ­­­­­-
80 3.7 73 -
75 4 75 -
70 4.3 77 -
65 4.6 79 -
60 4.9 81 -

Subparts (b):

To determine

Shortage or surplus.

Given information:

Table 1 shows the demand for bushels and supply of bushels:

Thousands of bushels demanded

Price

Thousands of bushels supplied Shortage or surplus
85 3.4 72 ­­­­­-
80 3.7 73 -
75 4 75 -
70 4.3 77 -
65 4.6 79 -
60 4.9 81 -

Subparts (c):

To determine

Shortage or surplus.

Given information:

Table 1 shows the demand for bushels and supply of bushels:

Thousands of bushels demanded

Price

Thousands of bushels supplied Shortage or surplus
85 3.4 72 ­­­­­-
80 3.7 73 -
75 4 75 -
70 4.3 77 -
65 4.6 79 -
60 4.9 81 -

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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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