Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 62% and capital's share of output is 38%. Instructions: Enter numbers rounded to two decimal place in each box. Scenario A Growth Rate of Output (%) Growth Rate of Labor (%) Growth Rate of Capital (%) Implied Growth Rate of Technology (%) 3.0 2 2 B 4.2 3 3 C 3.0 2 1 D 4.2 1 4
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- What is meant by economies of scale and what is the importance of this concept toeconomic growth?Consider the endogenous growth model with two sectors: manufacturing firms and research universities. Which of the following affect/s the steady-state growth rate of output in this model? (i) stock of knowledge (ii) fraction of labor force in universities (iii) saving rate O a. Only (ii) O b. Only (iii) O c. Only (i) O d. (i), (ii), and (iii)Assume that a country's production function is Y = K1/2L1/2 and there is no population growthor technological change.a. What is the per-worker production function y = f (k)?b. Assume that the country possesses 40,000 units of capital and 10,000 units of labor. What isY? What is labor productivity computed from the per-worker production function? Is thisvalue the same as labor productivity computed from the original production function?c. Assume that 10 percent of capital depreciates each year. What gross saving rate isnecessary to make the given capital–labor ratio the steady-state capital–labor ratio? (Hint:In a steady state with no population growth or technological change, the saving ratemultiplied by per-worker output must equal the depreciation rate multiplied by the capital–labor ratio.)d. If the saving rate equals the steady-state level, what is consumption per worker? Only D, other option answered
- Assume that a country's production function is Y = K1/2L1/2 and there is no population growthor technological change.a. What is the per-worker production function y = f (k)?b. Assume that the country possesses 40,000 units of capital and 10,000 units of labor. What isY? What is labor productivity computed from the per-worker production function? Is thisvalue the same as labor productivity computed from the original production function?c. Assume that 10 percent of capital depreciates each year. What gross saving rate isnecessary to make the given capital–labor ratio the steady-state capital–labor ratio? (Hint:In a steady state with no population growth or technological change, the saving ratemultiplied by per-worker output must equal the depreciation rate multiplied by the capital–labor ratio.)d. If the saving rate equals the steady-state level, what is consumption per worker?Give typing answer with explanation and conclusion The production function is given by Y=AK, where K is the capital stock and A denotes the level of technology and equals 1.2 (the rate of technological progress equals 0). The rate of population growth is 2% and people save 15% of their incomes. The capital stock is 12000 and consumption of fixed capital is equal to 120 (and it always represents this percentage of the capital stock). Calculate the rate of growth of output per worker.I am having a problem with these four problems webdav/pid-1221589-dt-content-rid-8618514_1/courses/1678.201780/Assign2.pdf + Automatic Zoom : 19. Technological progress helps increase the productivity of labor, defined as the number of units of output produced per hour of labor. A rise in the productivity of labor in the production process, ceteris paribus, will cause A) the demand for the output to increase. B) the demand for the output to decrease. C) the supply of the output to increase. D) the supply of the output to decrease. E) None of the above is correct. Q Search 20. An economic recession with a decline in household incomes will negatively impact all retail businesses. A) True B) False 21. If we assume that the current equilibrium wage for low-skilled labor is $8 per hour and the minimum wage is increased from $5.75 to $7.25 per hour, then A) unemployment among low-skilled workers will increase. B) unemployment among low-skilled workers will remain unaffected. C) unemployment…
- QUESTION 37 ROBOTS 60 50 40 30 20 10 0 a 10 b 20 C 30 40 50 BEFR 37. Assuming robots represents capital goods and beer consumer goods, and the growth path of country 1 is from point (a) to (b) to (c), while country 2 goes from points (d) to (e) to (f), what can you conclude about these countries? a) Country 1 has a higher savings rate b) Country 2 starts out with a higher standard of living c) Country 2 has a higher rate of growth d) Both (a) and (b) are correct e) None of the aboveCanadian real GDP per capita is 50,097 (measured in constant 2017 USD, same for thefollowing numbers) in the year 2019 and 40,489 in the year 1999. Canadian real capital stockper capita is 226,225 in the year 2019 and 155,256 in 1999. Calculate the growth rate of GDPper capita in Canada for these two decades, as well as the contribution from productivitygrowth and that from capital accumulation. You can use a capital share α of 1/3.Which of the following is correct? a)A decrease in theproductivity of labour leads to economic growth. b)An increase in thequantity of labor always leads to economic growth. c)Increased educationadds to the stock of human capital, not unlike building factories adds to thestock of physical capital. d)Third World countriesare rich in human capital.
- 1. Over the period from B.C. 10,000 to A.D. 1, the world population is estimated to have increased from 4 million to 170 million, while the level of income per capita was constant over time. Assuming that the quantities of human and physical capital per worker did not change, and that the exponent on land in the production function is one-third, calculate the growth rate in productivity over this period. What was the annual growth rate of productivity, A?Physical Capital Labour Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2014 11 30 1,800 60 2054 16 30 2,160 72 Gribinez inward-oriented growth Ph ir Force Productivity Output Year (Тос rkers) (Gaggles of gop) (Gaggles per worker) diminishing returns 30 2014 900 30 constant returns 2054 30 1,620 54 increasing returns Initially, the nu vas higher in Sporon than in Gribinez. From 2014 to 2054, capital per worker rises by 5 units in each country. the brain drain The 5-unit chai auses productivity in Sporon to rise by a smaller ▼ amount than productivity in Gribinez. This illustrates the concept of , which makes it for countries with low output to catch up to those with higher output.Economic Growth – End of Chapter Problem Discuss an example of technological progress not mentioned in the chapter and how it impacted economic growth. a. Henry Ford revolutionized the automobile industry with new production techniques for the Model T. He introduced an assembly line process, replacing the previous process which had required the workers and their equipment to move around the plant to each car that was being built. This technological change made workers much more b. Ford also instituted an 8-hour work day and a minimum wage of $5 per day. This increased workers' and, for the first time, automobiles were affordable for large numbers of people. More customers meant production of the Model T generated , lowering the average cost to produce a car. These productivity gains enabled Ford to lower the price of the Model T from $825 in 1908 to $260 in 1925.
