Country a Has a Capital-Labour Ratio That Is Initially Twice

question 7

Essay

Country A has a capital-labour ratio that is initially twice as big as that of country B, but neither is yet in a steady state. Both countries have the same production function, f(k) = 6 k^1/2. Country A has a 10% saving rate, 10% population growth rate, and 5% depreciation rate, while country B has a 20% saving rate, 10% population growth rate, and 20% depreciation rate.
a. Calculate the steady-state capital- labour ratio for each country. Does the initial capital-labour ratio affect your results?
b. Calculate output per worker and consumption per worker for each country. Which country has the highest output per worker? The highest consumption per worker?
c. In general, do all the fundamental characteristics of different countries need to be identical for convergence of output per worker?

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Describe Maslow's hierarchy of needs and its approach to personality.

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Definitions:

GDP

Gross Domestic Product (GDP) measures the total value of all goods and services produced over a specific time period within a country's borders.

GNI

Gross National Income, a measure of a country's total monetary value of all goods and services produced over a specified period, including net income from abroad.

Market Size

The total volume of sales or potential sales for all providers of a particular product or service within a specific market.

Population Growth

An increase in the number of individuals in a population, typically measured over a specific period of time.