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Category > Economics Posted 03 May 2017 My Price 7.00

Thete axe

Thete axe thlee appIoaches to calculating GDP: the expenditule apploach, the income apploach and the
ploduct apploach. All thlee apptoaches give the same Iesult. In pa:rticula'l+ if you add the income of all
agents in the economy.r (the income approach] it should equal the value of the final goods produced in the
econoatogj.r [the ploduct apploach]. This exetcise will help you show that this is the case in the Holow model
and in the Home: model. I} [1.5 point-i} 1Wirite down the problem of the fitm in the flow model and ohtain the fist EllElEI conditions
for optimality. h} [In paints} Using the results horn part a, ohtain the interest :stteT r, as a function of YIK and the wage.
or, as a function of YIL. c} [15 points} Add the capital income, rff. to the labor income, wL, and shour that it is equal to the
value of the final goods pmde in the economy. Y. d} (5 points} Using the result from emcise 2, calculate 1-K + ery in the Home: model and show that
it is less than Y. In} [In points} Show that by adding the income associated with the development of new ideas. HA. to the
capital and Iahocl income in the Home: model we ohtain once again the equivalence between the income and
the ploduct appIoach.

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SuperTutor
(15)
Status NEW Posted 03 May 2017 01:05 AM My Price 7.00

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