Macroeconomics Exam Review 201

Macroeconomics Exam Review 201 - Solutions for Foundations...

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Table 4.1: Approximating the Cobb-Douglas function at (2 , 16) Approximation Error xx 0 + x ? ( x 0 + x ) ( x 0 + x ) Percentage Relative At their intersection: (0.0, 0.0) (2.0, 16.0) 8.0000 8.0000 0.0000 NIL Around the unit circle: (1.0, 0.0) (3.0, 16.0) 9.1577 9.3333 -1.9177 -0.1756 (0.7, 0.7) (2.7, 16.7) 9.1083 9.1785 -0.7712 -0.0702 (0.0, 1.0) (2.0, 17.0) 8.3300 8.3333 -0.0406 -0.0034 (-0.7, 0.7) (1.3, 16.7) 7.1196 7.2929 -2.4342 -0.1733 (-1.0, 0.0) (1.0, 16.0) 6.3496 6.6667 -4.9934 -0.3171 (-0.7, -0.7) (1.3, 15.3) 6.7119 6.8215 -1.6323 -0.1096 (0.0, -1.0) (2.0, 15.0) 7.6631 7.6667 -0.0466 -0.0036 (0.7, -0.7) (2.7, 15.3) 8.5867 8.7071 -1.4018 -0.1204 Around a smaller circle: (0.10, 0.00) (2.1, 16.0) 8.1312 8.1333 -0.0266 -0.0216 (0.07, 0.07) (2.1, 16.1) 8.1170 8.1179 -0.0103 -0.0083 (0.00, 0.10) (2.0, 16.1) 8.0333 8.0333 -0.0004 -0.0003 (-0.07, 0.07) (1.9, 16.1) 7.9279 7.9293 -0.0181 -0.0143 (-0.10, 0.00) (1.9, 16.0) 7.8644 7.8667 -0.0291 -0.0229 (-0.07, -0.07) (1.9, 15.9) 7.8813 7.8821 -0.0110 -0.0087 (0.00, -0.10) (2.0, 15.9) 7.9666 7.9667 -0.0004 -0.0003 (0.07, -0.07) (2.1, 15.9) 8.0693 8.0707 -0.0171 -0.0138 Parallel to the x 1 axis: (-2.0, 0.0) (0.0, 16.0) 0.0000 5.3333 NIL -2.6667 (-1.0, 0.0) (1.0, 16.0) 6.3496 6.6667 -4.9934 -0.3171
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