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Course: ECON 3140, Fall 2008School: Cornell
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1 Homework (Due September 10) 1. [page 30, 3] NQ 1 (a, b, c, d). (NQ means numerical question, AQ means analytical question, and so on). 2. [page 31, 3] NQ 2 (a, b, c). (This NQ 2 is the first of the two NQ 2 in this page. The second NQ 2 should be NQ 3. In this question, compute real GDP by the non chain-weighted method.) 3. [page 31, 3] NQ 3 (a, b). 4. [page 32, 3] AQ 1. 5. [page 33, 3] AQ 3. 6. [page 33, 1] 4....
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1 Homework (Due September 10) 1. [page 30, 3] NQ 1 (a, b, c, d). (NQ means numerical question, AQ means analytical question, and so on). 2. [page 31, 3] NQ 2 (a, b, c). (This NQ 2 is the first of the two NQ 2 in this page. The second NQ 2 should be NQ 3. In this question, compute real GDP by the non chain-weighted method.) 3. [page 31, 3] NQ 3 (a, b). 4. [page 32, 3] AQ 1. 5. [page 33, 3] AQ 3. 6. [page 33, 1] 4. 7. Compute by GDP three approaches for the following economy at year 2000. There are two final goods, FG1 and FG2, and one intermediate good, IG. IG is used as the material to produce FG1 and FG2. FG 1 is a consumption good. FG 2 is a capital good. We have the following data from year 2000: IG FG1 FG2 material 0 wage interest $6 $4 $8 $2 $7 $9 $3 $1 .
Each sector earns zero profit. (ProfitRevenue-Material cost-Wage-Interest.)
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Cornell - ECON - 3140
Economics 314Suggested Solutions to HW 1 September 18, 20081[Page 30, 3, NQ 1](1) (a) Y = C + I + G + X M = 1000+250+500-30=1720. (b) N DP = GDP depreciation =Gross Investment - Net Investment=1720-(250-220)=1690. (c) Exports = Net Exports+I
Cornell - ECON - 3140
Homework 2 (Due September 17) 1. [page 5, 3] NQ 1 (a, b). 2. [page 5, 3] NQ 3 (b, c). (For b, the wage rate is the marginal product of labor. For c, you can ignore the hint but simply double capital and double labor.) 3. [page 5, 3] NQ 4 (a, b, c). 4
Cornell - ECON - 3140
Economics 314: Suggested Solutions to HW 2TA: Romita Mukherjee September 21, 20081[Page 5, 3, NQ 1](a) If real GDP=$7 trillion, then real GDP after 10 years=($7 trillion)(1.025)10 =$8.96 trillion. (b) If real GDP grows by $0.175 trillion per y
Cornell - ECON - 3140
Homework 3 (Due September 24) 1. [page 90, 1] 1, 2, 3, 4. Questions 2-5 pertain to comparing the following 5 economies. Economy 0: K 0 50, A 2, 0. 5, 0. 9, L 0 100, n 0, s Economy 1: K 0 50, A 4, 0. 5, 0. 9, L 0 100, n 0, s from econo
Cornell - ECON - 3140
Economics 314: Suggested Solutions to HW 3TA: Romita Mukherjee September 25, 20081[Page 90, 1](1) If you double L(0), then by the formula for steady state per capita capital 1 sA k = ( n+ ) 1 , we can easily check that k is not aected by cha
Cornell - ECON - 3140
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Cornell - ECON - 3140
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Cornell - ECON - 3140
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Cornell - ECON - 3190
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Cornell - ECON - 3190
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