MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 3, Problem 5QE
To determine
The better economic system among capitalism and socialism.
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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.
Chapter 3 Solutions
MICROECONOMICS
Ch. 3.1 - Prob. 1QCh. 3.1 - Prob. 2QCh. 3.1 - Prob. 3QCh. 3.1 - Prob. 4QCh. 3.1 - Prob. 5QCh. 3.1 - Prob. 6QCh. 3.1 - Prob. 7QCh. 3.1 - Prob. 8QCh. 3.1 - Prob. 9QCh. 3.1 - Prob. 10Q
Ch. 3 - Prob. 1QECh. 3 - Prob. 2QECh. 3 - Prob. 3QECh. 3 - Prob. 4QECh. 3 - Prob. 5QECh. 3 - Prob. 6QECh. 3 - Prob. 7QECh. 3 - Prob. 8QECh. 3 - Prob. 9QECh. 3 - Prob. 10QECh. 3 - Prob. 11QECh. 3 - Prob. 12QECh. 3 - Prob. 13QECh. 3 - Prob. 14QECh. 3 - Prob. 15QECh. 3 - Prob. 16QECh. 3 - Prob. 1QAPCh. 3 - Prob. 2QAPCh. 3 - Prob. 3QAPCh. 3 - Prob. 4QAPCh. 3 - Prob. 5QAPCh. 3 - Prob. 1IPCh. 3 - Prob. 2IPCh. 3 - Prob. 3IPCh. 3 - Prob. 4IPCh. 3 - Prob. 5IPCh. 3 - Prob. 6IPCh. 3 - Prob. 7IPCh. 3 - Prob. 8IPCh. 3 - Prob. 9IPCh. 3 - Prob. 10IP
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