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Neoclassical Growth Model

Consider the Cobb-Douglas production function:
Y = AK1−αL
where K and L are the capital stock and labor uses respectively.
Consider that the economy is composed of a representative firm that maximizes profits by hiring L workers and
paying them some real wage w, for a total wage bill of
The firm also rents capital K at a rate r, paying
Labor and capital are its only costs.
a) Define the labor share and the capital share of income. What do they represent?
b) Write the firm’s profit function.
c) Calculate the firm’s choice of labor and capital inputs, taking prices as given.
d) Express the labor and capital shares of this economy in terms of a parameter.
e) Given the data plotted in class, what should be a reasonable approximation to the value of α?
Part 2) Consider the capital accumulation equation:
Kt+1 = It + (1 − δ) K

Sample Solution

e subjectivity of smell goes about as an obstruction in its uniqueness. Another issue is the trouble in graphically addressing smells. One method for addressing a smell could be to orally portray it so definitively that it doesn't get mistaken for some other smell, however this is a seriously exhausting assignment. Composing the synthetic recipe for the substance is tricky as the equation addresses the substance and not simply the smell. Tests of the smell could be put away however these may either disappear over the long run or change their temperament when presented to specific outside factors like hotness and dampness. One more significant thing to note is that the aroma must neither begin from the actual products nor be useful. Usefulness Doctrine again assumes a part here and in the event that any smell has a practical use, the enlistment of which could prompt critical hindrance to contenders, such smell might be disbarred from enrollment. Notwithstanding, there is no obvious definition for usefulness. For instance, the smell of lemon for trash plastic packs; the actual smell can be unmistakable, yet it can likewise be useful in light of the fact that it can veil the smell of waste and trash. Style house Chanel's application to get its notable fragrance Chanel No. 5 reserved was dismissed as it was the quintessence of the item. The first aroma imprint to be conceded in quite a while was for a "high effect, new, flower aroma suggestive of Plumeria blooms" for "sewing string and weaving yarn." There were four purposes behind exchange imprint to be allowed - (1) no other person in the market was creating scented strings and yarns; (2) the fragrance was an additional element and was neither useful nor inborn to the products; (3) the scented element was publicized and advanced; and (4) purchasers had come to connect the merchandise with the producer. Some other smell marks are Sumitomo Rubber Industries Ltd's. rose-scented tires and Vennootschap onder Firma Senta Aromatic Marketing's "smell of new cut grass" for tennis balls which has currently passed. India is yet to set priority, taking everything into account.

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