Graphically illustrate the changes over time in the table using the Lewis Model. Note that this means one assumption from the table will not be able to hold true in this model of economic development. Point out the difference on your graph.

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6.5 Exercises Exercise 6.1 (Technological Progress and Long-Run Growth). Consider a Solow economy with population growth and technological progress. The evolution of the capital stock per efficiency unit of labor, denoted k1, is given by the law of motion (1+n)(1+ g)kt+1 = (1 – 8)kt +of(kt). Capital per efficiency unit of labor is defined as k, = Kt/(LEt), where Kt denotes the stock of physical capital, L, denotes population, and E is a tech- nological factor. Population grows at the rate n and the technological factor grows at the rate g. The subscript t denotes time, measured in years. The parameters d E (0, 1) and o > 0 denote, respectively, the depreciation rate of capital and the savings rate. The function f(k;) represents the produc- tion technology. Specifically, let Y, denote output and yt = Yt/(LEt) denote output per efficiency unit of labor. Then yt = f(kt). Assume that f(kt) = /k. 1. Find the steady-state stock of capital per efficiency unit of labor, de- noted k*, as a…

The ways in which people choose to spend their time can provide important information to economists and other social scientists who study human behaviour. In particular, differences in how people use their time are often indicative of inequalities in important economic outcomes. Read the two articles below: How do people across the world spend their time and what does this tell us about living conditions? POST 1: Why is it important to understand differences in time use across different population groups? This post will be assessed as an  original contribution. [100-150 words]