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Consider a numerical example of the Solow model. Assume that n = 0.1 S = 0.3 d = 0.1 Z= 2 F(K,N) = KON Find the steady state consumption per person O A. 1.84 O B. 2.63 O C. 3.95 O D. 0.79 O E. None of the aboveConsider a numerical example of the Solow model. Assume that n = 0.1 S = 0.2 d = 0.15 Z= 4 N/ - N F(K, N) = K-N Find the golden rule capital per person. O A. 25 O B. 36 O C. 16 O D. 64 O E. None of the aboveConsider the following one-period model. Consumer Utility function over consumption (C) and leisure (L) U(C,L) = C2 Total hours: H = 40 Labour hours: N" = H - L Non-labour income: IT Lump-sum tax: T Hourly wage: w Firm Production function: Y = ZF(N) = zN Total factor productivity: z = 2 Government Government spending (exogenous): G = 20 Suppose that the total factor productivity, z, increases to 5. What is the substitution effect of this wage change on labour supply(N )? O A. +5.51 O B. +8.51 O C. -5.51 O D. -8.51 O E. None of the aboveConsider the following real intertemporal model with investment. - The representative consumer faces labour-leisure choice problem in each of the two periods. Also she chooses how much to save. - The representative firm faces profit maximization questions in each of the two periods. Also it chooses how much to invest. At the end of the second period, the firm liquidates all of its remaining capital and includes it in profit. - Production function: Y = ZF(K,N), Y'= z'(K'N') - Suppose K is owned by the firm. So the only cost of production is the labour cost. - Evolution of capital stock is given by: K' = (1 - d)K + I, where d is the deprecation rate, and I is the investment. Suppose K = 10, d = 0.1, I = 11. What is the amount of capital at the beginning of the second period? O A. 18 O B. 20 O C. 21 O D. 19 O E. None of the above