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CHAPTERTHREENationale:
WhereitComesFromandWhereitGoes
Inthischapteryouwilllearn:whatdeterminestheeconomy’stotalehowthepricesofthefactorsofproductionaredeterminedhowtotaleisdistributedwhatdeterminesthedemandforgoodsandserviceshowequilibriuminthegoodsmarketisachieved
OutlineofmodelAclosedeconomy,market-clearingmodelSupplysidefactormarkets(supply,demand,price)determinationofeDemandsidedeterminantsofC,I,andGEquilibrium(twomarkets)goodsmarketloanablefundsmarket
FactorsofproductionK=capital,
tools,machines,andstructuresusedinproductionL= labor,
thephysicalandmentaleffortsofworkers
TheproductionfunctiondenotedY=F(K,L)showshowmuchoutput(Y)theeconomycanproducefrom
KunitsofcapitalandLunitsoflabor.reflectstheeconomy’sleveloftechnology.exhibitsconstantreturnstoscale.
Returnstoscale:areviewInitiallyY1=F(K1,L1)Scaleallinputsbythesamefactorz:K2=zK1andL2=zL1 (Ifz=1.25,thenallinputsareincreasedby25%)Whathappenstooutput,Y2=F(K2,L2)?Ifconstantreturnstoscale,Y2=zY1Ifincreasingreturnstoscale,Y2zY1Ifdecreasingreturnstoscale,Y2zY1
Exercise:determinereturnstoscaleDeterminewhethereachofthefollowingproductionfunctionshasconstant,increasing,ordecreasingreturnstoscale:
AssumptionsofthemodelTechnologyisfixed.Theeconomy’ssuppliesofcapitalandlaborarefixedatPleaseconsiderthereasonabilityoftheseassumptions
DeterminingGDPOutputisdeterminedbythefixedfactorsuppliesandthefixedstate
oftechnology:
Thedistributionofnationaledeterminedbyfactorprices,
thepricesperunitthatfirmspayforthefactorsofproduction.ThewageisthepriceofL, therentalrateisthepriceofK.
NotationW =nominalwageR =nominalrentalrateP =priceofoutputW/P =realwage
(measuredinunitsofoutput)R/P =
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