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The economy is initially in its long-run equilibrium. The outbreak of the pandemic has increased the speed of automation and artificial intelligence (AI); as a result, the spending on automation and AI increases by 10%. a) According to the long-run classical model, what happens to the equilibrium levels of output, real interest rate, and investment? What happens to the real wage and the real rental price of capital? Explain your answer with the aid of THREE diagrams – one for the loanable funds market, one for the labour market, and one for the rental market for capital. b) (Continued from part a) What happens to the stock of the capital in the very long run? Use the long run classical model to examine the effects on output and real interest rate in the very long run. What happens to the real wage and the real rental price of capital? Explain your answer with the aid of another set of THREE diagrams – one for the loanable funds market, one for the labour market, and one for the rental market for capital.  c) Use the Solow to explain the impact of this shock on the steady state level of output per worker and consumption per worker. Use one Solow model diagram to demonstrate your answer, don’t forget to clearly label the initial and new steady state points.

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SOC 450 Solutions to Global Issues

Task:   Briefly, what nonrenewable natural resources are most at risk of depletion? Discuss some sustainable development models that have broad applicability to the needs and consumption demands of both developing and developed countries.   In your textbook discusses how developed and ...

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Microeconomic Implications

TOPIC- The Australian Prime Minister conforms that the small business tax cut will be effective from July 1, 2015. The cut would be at least 1.5 percent for small businesses in Australia; however, big business would not receive a tax cut. Title: Critical evaluation of microeconomic impact of any pol ...

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What are the arguments for and against a country adopting a minimum wage? Use the example of any country of your choice to illustrate just how a minimum wage regime operates ...

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MOD3327 Economics for Business

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