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    Harvard university
    Feb-1997 - Aug-2003

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Category > Economics Posted 03 May 2017 My Price 6.00

Rome:- model

In the Rome:- model, it is assumed that the production function for new technology (ideas) was gin-en by:
A = flint. I} {I pointy} Suppose 9!. 1::- fl. 'i'r‘hat does this imply about the relationship between the current level
of technology and the difficulty of disoot-ering new ideas? Give an explanation about whyr this could be a
reasonable assumption. b} {I paints} Suppose qt 4:: I]. 1What does this imply about the relationship between the current level
of technology.r and the difficulty of discovering neur ideas? Give an explanation about why this could be a
reasonable assumption. e] [5 points] Suppose .3; = 1. ‘What does this imply about the productivity of labor in the research sector? cl} (I: points} Suppose that If; E [[3,1]. .3. E (Q, l) and that the share of labor devoted to research is constant.
Calculate the growth rate of output per capita in the Homer model. a] [In points} According to the equation you derived in part :1, what does the model imply for the relationship
between population growth and growth in output per capita in the balanced growth path? f] (5 points} If you could choose the parameters of the modeIT could you generate Ion g—run growth of output
per capita in the balanced growth path with zero population growth? Using the appropriate equation[s]
explain your reasoning.

Answers

SuperTutor
(15)
Status NEW Posted 03 May 2017 01:05 AM My Price 6.00

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