QUESTION 3 This question explores some of the points discussed in Topic 3 (Romer model). It is also designed to test your understanding of Chapter 6 of the prescribed textbook. Consider the simple Romer model developed in lectures with the following values for parameters: z = 0.003 y = 0.25 L = 900 Ao = 7 a) How fast are ideas growing in this economy in percentage terms? How many workers are being employed in the goods sector? b) Find what the stock of ideas in this economy will be in periods 200 (1 = 200) and 400 (t = 400). c) Find an expression for the output per worker in the balanced growth path. What will be the standard of living in periods 200 and 400? d) On a clear graph, plot the trajectory of the log of output per worker through time. e) Now, assume the policy-maker decides to allow 100 extra workers to come from overseas, leading to an increase in the total labour force to 1,000. Show the effects of this change on the growth rate of ideas, as well as the effect on the plot you drew in part (d). Do you notice both a level effect and a slope effect? Note: the change happened at a time t> 400. Bear that in mind when showing the effect of the shock in your graph.

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1. A regulator is charged with determining the length of a patent on new intellectual property, a song. If the regulator approves the patent for a relatively long duration, what is likely to happen?    a Consumers will have broader access to the song. b The song's price will be relatively low for longer. c Artists will be more encouraged to produce new songs in the future. d The songwriter will earn lower royalties from the song.

MindTa x Login × Login X Bb Salt W X m statican bruisevos index.hamladeploymentid=59400022675212682010495789084&elSBN=9781887912426&id=1639810498&snapshot d=32 CENGAGE MINDTAP Homework: Between Competition and Monopoly PRICE (Dollars per bike) 500 350 300 150 中興路 250 A G বন্ধ Content X MC 0 100 AC MR 150 Demand 250 300 350 QUANTITY (Bikes) 400 450 500 Cenga X Cenga X M Inbox 12 % Monopolistically Competitive Outcome 分会 Profit or Loss Given the profit-maximizing choice of output and price, the shop is earning positive profit, which means there are an equal number of shops in the industry than in long-run equilibrium. Now consider the long run in which bike manufacturers are free to enter and exit the market. Show the possible effect of free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. + Q Sea

Ⓒ Macmillan Learning The accompanying graph depicts a hypothetical monopoly. Follow instuctions 1-3 below to identify the monopoly's profits. 1. Place point E at the monopoly's profit maximizing price and quantity. 2. Move the average total cost (ATC) curve to a position that depicts the monopoly earning a positive profit. 3. Place the area labeled Profit in the area of the graph that represents the monopoly's profit. Price ($ per unit) 10 9 8 7 5 3 2 1 0 0 1 O X E MR 2 3 4 5 6 Quantity (millions of units) 7 MC 00 D 9 ATC 10 Profit

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PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some

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I am a Solar panel company, that manufactures and distributes solar panels in the US market.  Two years ago it had 5 competitors but the government stimulus in the industry has encouraged 7 new US competitors ti ebter the market.  In these circumstances, my solar panel company's price for its output ......

e. Perform the follow tasks and calculations as they pertain to the graph. a. Show points A and B on curve D1 in the form of ordered pairs. b. Calculate the Slope for flights moving from point A to point B on the curve. c. Explain in “economic terms" your results. Please show all work as you will receive partial points.