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Category > Economics Posted 03 May 2017 My Price 8.00

Question 4

Question 4 (2 + 2 + 2 = 6 marks)
In the following questions we are considering the neoclassical growth model.
(a) In a diagram illustrate an economy in a steady state. Identify the steady state level of output
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per capita ( y ) and capital per capita ( k ). Also determine the growth rate in y ,
k , output ( Y ) and capital ( K ) at the steady state as a function of the model
parameters; the savings rate ( s ), the population growth rate ( n ) and the depreciation
rate ( d ). [Instructions: Maximum 100 words. You must enter the word count of your
answer.] (word count: ?)
(b) Suppose there is an increase in the population rate to n' >n . Illustrate the new steady
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¿
state equilibrium for output per capita ( y ), capital per capita ( k ) relative to that in
(a). Also determine the growth rate in y , k , Y and K at the steady state as a
function of the model parameters compared with that in (a). [Instructions: Maximum 100
words. You must enter the word count of your answer.] (word count: ?)
(c) Given your answer in (b) comment on the effectiveness of population growth as a driver of
increases in the steady state output per capita. Discuss other factors which could lead to
rises in steady state output per capita in the neoclassical growth model. [Instructions: No
diagram should be used here. Maximum 200 words. You must enter the word count of your
answer.] (word count: ?)

Answers

SuperTutor
(15)
Status NEW Posted 03 May 2017 03:05 AM My Price 8.00

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