Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 02 Jun 2017 My Price 9.00

the real wage (W/P) and real rental price of capital

Consider the following model of a closed economy:

? YS = AK1/2L1/2

? C = 300 +.5(Y – T)

? I = 2000 – 10,000r

? KS= 100

? LS= 225

? A = 24

? G = 1000

? T = 600

 

a. What must the real wage (W/P) and real rental price of capital (R/P) be to establish equilibrium in the labor and capital markets?

b. What values of aggregate income (Y) and national saving (S) result from full employment of labor and capital?

c. What must the interest rate (r) be in order to establish long run equilibrium in the market for loanable funds?

d. What are the long run equilibrium values of W/P, R/P, Y, S and r if total factor productivity (A) increases from 24 to 30, all else equal?

e. What are the long run equilibrium values of W/P, R/P, Y, S and r if taxes (T) decrease from 600 to 400, all else equal? Assume that A = 24.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Jun 2017 09:06 PM My Price 9.00

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