econ math

6. Now let’s move onto another topic. Let’s say that G(y) = Ay½ and that y(G) = By with A = 100 and B = 1. What would be the level of income in this country? (12.5 points)


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7. Now, say that the institutions view holds and that institutions improve. Specifically, the relevant constant grows (A or B) grows by 10%. What is the new value of y? (12.5 points)


8. Consider two countries which we’ll call X and Y. Say that (AX / AY) = 2 and that country X is 20 years ahead technologically of Y and that technology grows at 1.1% a year. What dominates the productivity differences – technology or institutions? (12.5 points)