Tutorial 10_2011 - ECON1002 Introductory Macroeconomics, S1...

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ECON1002 Introductory Macroeconomics, S1 2011 Tutorial Tasks 1 Reading Guide : BOF Chapters 13 and 14. You should also look over your lectures notes for Week 10. Key Concepts: Diminishing marginal productivity , Steady state, Total factor productivity, the Solow Swan model, and Endogenous growth. R EVIEW OF C ONCEPTUAL U NDERSTANDING These are to be attempted before the tutorial. They will not normally be covered in the tutorial, maybe, except for a quick review, time permitting. The answers are typically found in the textbook and lecture notes. 1. What do you understand by the concepts of diminishing marginal productivity and the constant returns to scale? How realistic are they? Are they useful in understanding economic growth? 2. Why do we use per capita production function in the analysis of economic growth? 3. What is the mechanism by which the Solow-Swan model explains economic growth? 4. What is endogenous growth? P ROBLEMS Note that written answers to the problems marked with an asterisk should be handed in to the tutor at the beginning of tutorial. 1.
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Tutorial 10_2011 - ECON1002 Introductory Macroeconomics, S1...

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