10H9 - Econ 102 Homework 9 Due May 3 2010 1 Show your...

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Econ. 102. Homework 9. Due: May 3, 2010 *******. 1. Show your derivation and calculation explicitly. 2. Use the ruler to draw graphs. (Also show the scale explicitly). 3. E-mail submission of your answer will not be accepted. 4. Do not copy someone else’s answer. ******. From Greg Mankiew’s Blog, April 20, 2008 Y = F(K, H, L), or Y/L = F(K/L, H/L, 1) A former student emails me a link to an article about Mark Sanford, the South Carolina governor whose name is being floating as a possible running mate for John McCain. Based on the following passage, the student suggests that Sanford understands the augmented Solow model : Mr. Sanford is popular on the right because he understands markets . " There are only two ways to raise the standard of living ," he said, " through technology – one backhoe can dig more dirt than 50 men with shovels – and through brain power . . . And that's it ." *****. 1. In the steady state of the Solow growth model, the growth rate of income per person is determined solely by the exogenous rate of technological progress. [It should be noted that in the Solow model, s
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