The value of GDP. Concept Introduction: GDP ( Gross Domestic Product ): It is the value of total goods and services produced in a country in a year. The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Question

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?

Answer 1

Question

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

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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.

Answer 2

Question

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

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Answer 3

Question

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 6

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 7

Chapter 6, Problem 2P

Sub-part

A

To determine

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 8

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 9

Sub-part

B

To determine

The value of Net domestic Product.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 10

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 11

Sub-part

C

To determine

The value of net investments.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 12

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 13

Sub-part

D

To determine

The value of net exports.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Answer 14

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Ch. 6 - Prob. 1P Ch. 6 - Prob. 2P Ch. 6 - Prob. 3P Ch. 6 - Prob. 4P Ch. 6 - Prob. 5P Ch. 6 - Prob. 6P Ch. 6 - Prob. 7P Ch. 6 - Prob. 8P Ch. 6 - Prob. 9P

The value of GDP. Concept Introduction: GDP ( Gross Domestic Product ): It is the value of total goods and services produced in a country in a year. The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Solution Summary: The author explains that GDP is the value of total goods and services produced in a country.

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Chapter 6 Solutions

The value of GDP. Concept Introduction: GDP ( Gross Domestic Product ): It is the value of total goods and services produced in a country in a year. The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Solution Summary: The author explains that GDP is the value of total goods and services produced in a country.

The value of GDP. Concept Introduction: GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year. The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.

Chapter 6 Solutions

The value of GDP.

Concept Introduction:

GDP (Gross Domestic Product): It is the value of total goods and services produced in a country in a year.

The Net domestic product (NDP) is defined as difference between the gross domestic product (GDP) and the depreciation on a country's capital goods.