Problem Set 5 (1) - EC 202 Intermediate Macroeconomics, C1...

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EC 202 Intermediate Macroeconomics, C1 Boston University Problem Set 5 NAME____________ Due Date: December 16, 2008(final date) in class. No late problem sets will be accepted. Note: Please keep your answers short! In most cases one or two sentences will be more than enough. If you would like, you may work in small groups of 2-4 people to discuss the problem sets. However, you must write up answers individually. If you decide to work in a group, please list the names of the group members on your problem set. Please show your work for full credit on analytical questions, i.e. show the formulas, calculations (if appropriate). Do not report only the final answers. This Problem Set covers material from Chapter 10, 11, 12 Blanchard and Lecture Notes.
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LONG QUESTION: (50 points totally, 5 points each) Consider and economy described by the production function ° ? = ? ? 1/5 ± ? 4/5 1. Is this production function characterized by constant returns to scale? Explain and show mathematically why it is or it is not constant returns to scale.
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This note was uploaded on 03/22/2012 for the course ECONOMICS 202 taught by Professor Pinarderingure during the Spring '12 term at Middle East Technical University.

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Problem Set 5 (1) - EC 202 Intermediate Macroeconomics, C1...

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