Macroeconomics
Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 5, Problem 24APA

(a)

To determine

Determine the consumer price index (CPI) basket.

(b)

To determine

Determine the CPI in the current year.  

(b)

To determine

Determine the inflation rate in the current year.  

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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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