Consider the following Malthusian Model. Suppose that output in the economy is described by Y = √X√L. with Y being aggregate output, X being the total amount of land, and I being the total amount of labour. The amount of land is fixed at 17,920.
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- Suppose in our model, lifespans increased due to a productivity in- crease. What would likely happen to hours worked and leisure over the lifetime of a representative consumer. (a) Let’s consider one of two common ways of implementing this change. Suppose the increase raised both lifespans and the amount of years consumers are healthy enough to work by the same amount, how would that likely affect the measured numbered of hours work by prime aged adults within a given year? What would likely hap- pen to the retirement age? (b) Let’s consider the other way to implement it. Suppose the change in lifetimes came about changes in technology that delayed death but did not extend the amount of years consumers are healthy enough to work. What would likely happen to hours worked within a year? What would happen to the retirement age? (c) In the US, the generalized stylized fact is that the actual age of retirement is not increasing. Nor are hours worked per week. Why are both of the…What is the ans for PURE specific and the ans for MIXED specific. Pls give explanations for the differences between these two models. (p/s this is the 3rd time I'm asking this question bcos your team did not answer my question of Pure AND Mixed but just specific factors model in general) PLEASE HELP ME THANKSSSS In the Pure Specific Factors model with two sectors, Cars (C) and Wheat (W), Capital (K) is specific to C and Land (A) is specific to W. If the government imposes a tariff on the imports of W then... In the Mixed Specific Factors model with two sectors, Cars (C) and Wheat (W), Capital (K) is specific to C and Land (A) is specific to W. If the government imposes a tariff on the imports of W then... A. Both owners of K and owners of A will benefit. B. Owners of A will benefit. C. Owners of K will benefit. D. Neither owners of K nor owners of A will benefit.3. Write the theoretical model speciation of a logit model?
- Q3. The Lewis-Fei-Ranis model of economic development with unlimited suppliesof labour is a neoclassical model that was used to explain the development processin the LDCs. Discuss its limitations and how relevant it is in explaining their dualstructures.Consider now the two-period model in general equilibrium, so that prices, investment and labour supply are endogenous, i.e. the production economy. Analyse and carefully explain graphically and in words the general equilibrium effects of a decrease in TFP(total factor production) for a benchmark economy with no frictions.For IS-PC-MR, three equation model, what are the the most crucial economic indicators of interested in this framework? Explain how increasing unemployment benefits would affect the labour market in this model
- This model states that output depends on the economy’s initial endowment of capital and labor. Y = f (K,L)a. Harrod-Domar Modelb. Rostow’s Stages of Growth Modelc. Solow Modeld. Power-Balance ModelThe South African Rand flactuates widly on a daily, weekly, monthly basis. Identify all the variables that would be used in an econometric equation that estimates the relationship between South african economic growth and exchange rates (dollar to rand). appraise each variable that is included in the model using economics theory and briefly discuss the tests used to ensure model is statistically sound.Consider now the two-period model in general equilibrium, so that prices, investment, and labor supply are endogenous, i.e. the production economy. Analyze and carefully explain graphically and in words the general equilibrium effects of a decrease in TFP for a benchmark economy with no frictions.
- Consider the basic neoclassical growth model with technological change and CRRA preferences (8.49). Explain why θ > 1 ensures that the transversality condition is always satisfied.The belief that we can spend our way out of low growth is inconsistent with the best availableempirical evidence and ignores South Africa’s recent poor performance in using governmentspending as a tool to unlock much‐needed economic growth. Gambling with our future on riskyeconomic strategies that have failed elsewhere is something we are not prepared to do.’ TitoMboweni is South Africa's Minister of Finance. The increased government spending noted in Q.3.1. above has to be financed inone way or another. Describe three ways in which government spending can be financed.The Black Death: In the middle of the fourteenth century, an epidemic known as the Black Death killed about a third of Europe’s population, about 34 mil-lion people. While this was an enormous tragedy, the macroeconomic con-sequences might surprise you: over the next century, wages are estimated to have been higher than before the Black Death.(a) Use the production model to explain why wages might have been higher.(b) Can you attach a number to your explanation? In the model, by how muchwould wages rise if a third of the population died from disease?
