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- Can you summarize how The Circular Flow Model works? Can you also show examples of using a The Circular Flow ModelRefer to Table 4.4 “Measuring TFP So the Model Fits Exactly”. The “implied TFP (A_bar)” in the last column is 0.710 for Spain. What does this value mean? A. Spain’s per capital GDP is 71% of that of the U.S. B. Spanish workers tend to have longer holidays and shorter working days than U.S. workers C. At any given level of per capita capital, Spanish workers produce 71% of the output of U.S. workers D. This number refer to the margin of error in producing the statistics in the tablewhat is the purpose of the circular flow model?
- G. Menges developed the following econometric model for the West German economy*: Yt = β0 + β1Yt−1 + β2 It + u1tIt = β3 + β4Yt + β5 Qt + u2tCt = β6 + β7Yt + β8Ct−1 + β9 Pt + u3tQt = β10 + β11 Qt−1 + β12 Rt + u4t where Y = national incomeI = net capital formationC = personal consumptionQ = profitsP = cost of living indexR = industrial productivityt = timeu = stochastic disturbances Required: a. Which of the variables would you regard as endogenous and which asexogenous?b. Is there any equation in the system that can be estimated by thesingle-equation least-squares method?c. What is the reason behind including the variable P in the consumption function?How well does von Thünens model apply to the U.S on a national scale? ExplainQ4. Illustrate the Steady-State of the Solow-Swan model and show the effect of an increase in the savings rate on the Steady-State. PLease write the explanation detail with the diagram.
- Q4. Illustrate the Steady-State of the Solow-Swan model and show the effect of an increase in the savings rate on the Steady-State. PLease expain detail with the diagram.The image attached presents a Circular Flow Model. The model in this image is missing something. State what the missing component is.In a circular flow model, the source of the factors of production used to create goods and services is... a) Product market b) Households c) Firms d) Foreign exchange market
