Cobb-Douglas functions with constant returns to scale can be used to model A technological change that increases aggregate productivity B skill-biased technological change C no technological change at all. D sector-biased technological change
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Cobb-Douglas functions with constant returns to scale can be used to model
A technological change that increases aggregate productivity
B skill-biased technological change
C no technological change at all.
D sector-biased technological change
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- The below given fgure illustrates the Big Push model of development. Which of the following would NOT be relevant? a₂ B C) All of the above. W₂ L₁ F L/N OA) If the modern sector firm were to enter, it would produce Q 1 units of output. But if they expect other firms will enter, they also enter increasing output to Q2. At output Q2, everyone will make a profit even at W2. D) None of the above. 4 OB) If the modern sector firm were to enter, it would produce Q 1 units of output. But it would not enter as its costs would exceed its revenue at W2. E) If agents on their own, or with the encouragement of some coordinator, enter they can initiate industrialization, creating the big push, from point A to B.A key assumption in an endogenous growth model with both labour and capital inputs in the production function is that Multiple Choice O о о о O the share of capital is larger than the share of labour the share of capital and labour have to be equal better technology is a byproduct of more capital investment there are no external returns to capital long-run growth comes solely from technological progressAssume the rate of technological progress is constant in a SSGM with Cobb- Douglas production function. Show that a steady-state cannot be identifiede if the technological progress is capital augmented, i.e. F(K, L) = [A(t)K(t)]*L(t)'_ª, where A(t) is the efficiency term growinge with a constant rate g.t
- 2. What is the difference between micro and macro inventions in the industrial revolution, in Allen's framework?What is the advantages and disadvantages of machination of progress?if Hec is ranking different universities of Pakistan on thier performance at national level , such analysis would be example of macroeconomics and microeconomics analysis ? why
- Explain in detail the difference between endogenous variables and Exogenous variables. Use an example for each from the Solow modeFor IS-PC-MR, three equation model, what are the the most crucial economic indicators of interested in this framework? Explain how increasing unemployment benefits would affect the labour market in this modelEconomics, physical capital represents the uildings or machines used by a business to produce product. The marginal product of physical capital presents the rate of change of output product with spect to physical capital (informally, if you increase e size of your factory a little, how much more Foduct can you create?). articular model tells us that the output product Y is given, a function of capital K, by Y = AKªL'-a ere A is a constant, L is units of labor (assumed to be stant), and a is a constant between 0 and 1. Determine marginal product of physical capital predicted by this del. ned with CamScanner
- ____________ is a term which refers to the widespread use ofpower-driven machinery and the economic and social changes that resulted in thefirst half of the 1800s. a)Industrial Revolution b)Capital deepening c)Living standard d)TechnologyWhat is meant by technological advance, as broadly defined? How does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a firm into a profitable purely competitive industry; the imitation of a new production process by another firm; an increase in a firm’s advertising expenditures?1. Country A and B both have the production functionY = F (K, L) = K ½L ½or Y = K0.5 L0.5 a) What is the per-worker production function, y= f (k)? Please make sure to write specificfunctional form of the per-worker production function. b) Assume that neither country experiences population growth nor technological progressand that 4 percent of capital depreciates each year. Assume further that country A saves 24percent of output each year and country B saves 16 percent of output each year. Using youranswer from part a) and the steady-state condition, find the steady-state level of capital perworker for each country. Then find the steady-state levels of income per worker for eachcountry and steady-state level of consumption per worker for each country.
