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[70 pts] Imagine the following universal returns to education. 1.3 for the first $ years of schooling: 1.2 for the following years (from year 6 to year 1.l beyond 1...

Question

[70 pts] Imagine the following universal returns to education. 1.3 for the first $ years of schooling: 1.2 for the following years (from year 6 to year 1.l beyond 1 years of schooling (from year 12 and beyond) [10 Can you provide an intuitive reason behind the drops in the retums t0 pts] education? [10 pts] Would these data means that highly educated people earn less? [10 Calculate the relative human capital between country that has 8 years of pts] education on average versus country B with 18 y

[70 pts] Imagine the following universal returns to education. 1.3 for the first $ years of schooling: 1.2 for the following years (from year 6 to year 1.l beyond 1 years of schooling (from year 12 and beyond) [10 Can you provide an intuitive reason behind the drops in the retums t0 pts] education? [10 pts] Would these data means that highly educated people earn less? [10 Calculate the relative human capital between country that has 8 years of pts] education on average versus country B with 18 years of education: With production function given by y = Akzhz_ calculate how much [10 pts] physical capital country A would need to compensate for the difference in human capital assuming both countries have the same productivity: [opts] With the same production function, calculatc how much productive country would need be to compensate for the difference in human capital assuming both countries have the same physical capital per worker: Akih} , What [10 pts] Repeat d. and with the following production function: y did vou learn from this exercise?



Answers

Suppose we can divide all the goods produced by an economy into two types: consumption goods and capital goods. Capital goods, such as machinery, equipment, and computers, are goods used to produce other goods.
a. Use a production possibilities frontier graph to illustrate the trade-off to an economy between producing consumption goods and producing capital goods. Is it likely that the production possibilities frontier in this situation will be a straight line (as in Figure 2.1 on page 43 ) or bowed out (as in Figure 2.2 on page 46$)$? Briefly explain.
b. Suppose a technological change occurs that has a favorable effect on the production of capital goods but not consumption goods. Show the effect on the production possibilities frontier.
c. Suppose that Lichtenstein and Luxembourg currently have identical production possibilities frontiers but that Lichtenstein devotes only 5 percent of its resources to producing capital goods over each of the next 10 years, while Luxembourg devotes 30 percent. Which country is likely to experience more rapid economic growth in the future? Illustrate using a production possibilities frontier graph. Your graph should include production possibilities frontiers for Lichtenstein and Luxembourg today and in 10 years.


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