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1. Consider the following Malthusian econorry Y=zLN1 and NN=D(NC), w.pdf

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1. Consider the following Malthusian econorry: Y=zLN1 and NN=D(NC), where (0,1),(0,1),z>0 and D>0. (a) Derive expressions for steady-state population (N) [10 points], steady-state aggregate consumption (C) [5 points] and steady-state consumption per person (c) [5 points]. Suppose parameter D increases from D1 to D2. (b) Show the effects of increase in D in the following three inter-connected diagrams: i. Diagram 1 (top right): cNC on horizontal axis and NN on vertical axis [5 points] ii. Diagram 2 (bottom right): cNC on horizontal axis and yNY on vertical axis [ 5 points] iii. Diagram 3 (bottom left): lNL on horizontal axis and yNY on vertical axis [5 points] For each diagram, briefly explain the changes. (c) In three separate diagrams, draw the time paths of N [5 points], C [ 5 points] and c [5 points] before and after the change in D. Explain the diagrams..

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1. Consider the following Malthusian econorry: Y=zLN1 and NN=D(NC), where (0,1),(0,1),z>0 and D>0. (a) Derive expressions for steady-state population (N) [10 points], steady-state aggregate consumption (C) [5 points] and steady-state consumption per person (c) [5 points]. Suppose parameter D increases from D1 to D2. (b) Show the effects of increase in D in the following three inter-connected diagrams: i. Diagram 1 (top right): cNC on horizontal axis and NN on vertical axis [5 points] ii. Diagram 2 (bottom right): cNC on horizontal axis and yNY on vertical axis [ 5 points] iii. Diagram 3 (bottom left): lNL on horizontal axis and yNY on vertical axis [5 points] For each diagram, briefly explain the changes. (c) In three separate diagrams, draw the time paths of N [5 points], C [ 5 points] and c [5 points] before and after the change in D. Explain the diagrams.

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1. Consider the following Malthusian econorry Y=zLN1 and NN=D(NC), w.pdf

  • 1. 1. Consider the following Malthusian econorry: Y=zLN1 and NN=D(NC), where (0,1),(0,1),z>0 and D>0. (a) Derive expressions for steady-state population (N) [10 points], steady-state aggregate consumption (C) [5 points] and steady-state consumption per person (c) [5 points]. Suppose parameter D increases from D1 to D2. (b) Show the effects of increase in D in the following three inter-connected diagrams: i. Diagram 1 (top right): cNC on horizontal axis and NN on vertical axis [5 points] ii. Diagram 2 (bottom right): cNC on horizontal axis and yNY on vertical axis [ 5 points] iii. Diagram 3 (bottom left): lNL on horizontal axis and yNY on vertical axis [5 points] For each diagram, briefly explain the changes. (c) In three separate diagrams, draw the time paths of N [5 points], C [ 5 points] and c [5 points] before and after the change in D. Explain the diagrams.