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How do I partial differentiate Q = 15K^1.7 L^1.3 + K^3 + 5L^3
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- Assume that a person's income directly affects their purchasing power for a particular product. We have a customer named John who has a per capita income of $35,102 that is looking to buy a new car.If the current US population is 335,707,897, the current per capita income is $40,363, and total new car sales in 2022 were $1,131,009,556,950; what would John's per capita spend be for a new car, assuming his income directly affects the amount he can spend?Assume there are two countries: South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same fictional income level, $10,000. What will the income of the United States and South Korea be in 20 years? By how many multiples will each country's income grow in 20 years?Q1) Peter lives for three periods. He is currently considering three alternative education-work options. He can start working immediately, earning $100,000 in period 1, $110,000 in period 2 (as his work experience leads to higher productivity), and $90,000 in period 3 (as his skills become obsolete and physical abilities deteriorate). Alternatively, he can spend $50,000 to attend college in period 1 and then earn $180,000 in periods 2 and 3. Finally, he can receive a doctorate degree in period 2 after completing his college education in period 1. This last option will cost him nothing when he is attending graduate school in the second period as his expenses on tuition and books will be covered by a research assistantship. After receiving his doctorate, he will become a professor in a business school and earn $400,000 in period 3. Peter’s discount rate is 20 percent per period. What education path maximizes Peter’s net present value of his lifetime earnings? Q2) (a) Is the presence of…
- Please solve 11Assume there are two countries: South Korea and the United States. South Korea grows at 4% and the United States grows at 1%. For the sake of simplicity, assume they both start from the same fictional income level, $10,000. What will the incomes of the United States and South Korea be in 20 years? By how many multiples will each country’s income grow in 20 years?What are the implications of this model for "convergence" of income levels and income growth rates - conditional on differences in endowments, government policies, and other exogenous factors - across countries? -
- Assume there are two countries: South Korea and the United States. South Korea grows at 4 and the United States grows at 1. For the sake of simplicity, assume they both start from the same fictional income level, 10,000. What will the incomes of the United States and South Korea he in 20 years? By how many multiples will each countrys income grow in 20 years?A mathematical approximation called the rule of 70 tells us how long it will take for something to double in size if it grows at a constant rate. The doubling time is approximately equal to the number 70 divided by the percentage rate of growth. Thus, if Panama’s real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70/7) to double. Apply the rule of 70 to solve the following problem: Suppose that real GDP per person in Panama in 2017 was about $12,000 per person, while it was about $48,000 per person in the United States. If real GDP per person in Panama grows at the rate of 5 percent per year, about how long will it take Panama’s real GDP per person to reach the level that the United States was at in 2017? (Hint: How many times would Panama’s 2017 real GDP per person have to double to reach the United States’ 2017 real GDP per person?) __________ yearsSuppose that the average annual rate of population increase in Econland in recent years was about 2 percent. Based on this rate of growth, the population of Econland will double in about 35 years. 11 years. 7 years. 46 years.
- Q2: Solve the national-income model by matrix Inversion:? = ? + ?0 + G … … … … … … … … … … . . … . (1)? = ? + ?(? − ?), (? > 0,0 < ? < 1) … … (2)? = ??, 0 < ? < 1 … … … … … … … . … . (3)I am unsure how to solve this as I do not get how to solve without PatDiscuss the milestones of capital market effeciency from 1970 to date