Find Changes in the Fraction of Income to Labor, Output, Rental Price of Capital and the Real Wage
Автор: economicurtis
Загружено: 2012-10-09
Просмотров: 25732
Описание:
We are given a simple Cobb-Douglas production function and we find labor's share of income. Then, we get a shock of one of our factor inputs, labor increases by 10%. We calculate how production/output increases, how wages change, and how the rental price of capital changes.
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Suppose that an economy's production function is Cobb-Douglas with parameter α=0.3.
a. What fractions of income do capital and labor receive?
b. Suppose that immigration increases the labor force by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage?
From Mankiw's Macroeconomics (Intermediate), 8th Edition. Chapter 3 (National Income, where it comes from and where it goes), problem 4a and 4b
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