Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Suppose that we are comparing two countries, i and j, that are similar in every respect except the education of their population. In country i, all adults have 10 years of schooling. In country j, all adults have 4 years of schooling. The relative return to 10 years of schooling is 2.7, and the relative return to 4 years of schooling is 1.6 In other words, hi = 2.7 and hj = 1.6.

a. Solve for capital per worker in steady state for each country.

b. Solve for output per worker in steady state for each country.

c. find out the ratio of output per worker in steady state in the two countries. Interpret the answer.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M961956

Have any Question?


Related Questions in Microeconomics

Question bull this assignment must be submitted on

Question: • This Assignment must be submitted on Blackboard (WORD format only) via the allocated folder. • Email submission will not be accepted. • You are advised to make your work clear and well-presented; marks may be ...

Question why would economists use the term deadweight loss

Question: Why would economists use the term deadweight loss to describe the impact on consumer surplus and producer surplus from a price control? The response must be typed, single spaced, must be in times new roman font ...

Question the following is an excerpt from a conversation

Question: The following is an excerpt from a conversation between two sales clerks, Jean Moen and Sara Cheney. Jean and Sara are employed by Turpin Meadows Electronics, a locally owned and operated electronics retail sto ...

Questionnbsp 1 the effort of a program evaluator to assess

Question:  1. The effort of a program evaluator to assess the assumptions and procedures relating to the data that have been collected for analysis is referred to as: i) metaevaluation ii) Objective program evaluation ii ...

Question the taxpayer relief act of 1997 created the roth

Question: The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $2,000 annually. Contributions to a Roth IRA are not tax-deductible ...

Question the directors of ace airlines have decided to

Question: The directors of Ace Airlines have decided to incentivize their 1,000 employees by issuing every one of them 200 shares of stock. (Assume there is no problem of equity dilution, because the company has 40 milli ...

Question suppose you are the manager of a watch making firm

Question: Suppose you are the manager of a watch making firm operating in a competitive market. Your cost of production is given by C(q) = 200 + 2q 2 , where q is the level of output and C(q) is total cost. (The marginal ...

Discussion wilderness backpacking expeditionsfor this

Discussion: Wilderness Backpacking Expeditions For this discussion imagine that you and some friends want to start a business to take tourists on wilderness backpacking expeditions. You have to use your own money to star ...

Question consider the market for education1 why might

Question: Consider the market for education. (1) Why might education exhibit positive externalities? (2) Describe a government policy to internalize the positive externality of education. Show the effect of the policy in ...

Question there are two goods in the economy anchovies a

Question: There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economy's production possibilities before and after a natural disaster that lowers the banana harvest but does not a ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As