midterm_s10_nospaces

midterm_s10_nospaces - UNIVERSITY OF TORONTO MISSISSAUGA...

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Unformatted text preview: UNIVERSITY OF TORONTO MISSISSAUGA ECO362H5S - Economic Growth: Theory and Evidence Prof. Margarida Duarte Spring 2010 Term Test - February 22, 2010 Instructions: This is a closed-book exam and the use of calculators is not permitted. Read the entire question before answering. Make all the extra assumptions you consider necessary, but make sure to state them clearly. Be concise in your answers. Good luck! 1. (15 points, 5 points each) Define concisely each of the following a. Steady state b. Total factor productivity c. Development accounting 2. (30 points) Consider an economy with the production technology Y t = K α t ( A t L t ) 1- α , where all variables have the interpretation given in class. Assume that a competitive firm hires capital and labor services at the wage rate w t and rental rate of capital r t , respectively. a. (5 points) Formulate the profit maximization problem of the firm....
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midterm_s10_nospaces - UNIVERSITY OF TORONTO MISSISSAUGA...

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