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Consider the following CobbDouglas production function and SolowSwan model. Cobb-Douglas: Y = F(K, L) = AKGLPC’ SolowSwan: Y; = Fug, L.) 2 AKng0 1.

 1. Show the effect of a decrease in population due to emigration in the Cobb-Douglas function using graphs.

Explain the impact on output, real wages and real rental rates in the economy.

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2. What effect does emigration have on steady state capital stock in the standard Solow-Swan model? Explain.

3. What effect does emigration have on steady state GDP per capita in the standard Solow-Swan model? Explain.

 

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