Explain what happens to the Steady State values if a portion of Macrolakes’ Capital is destroyed by a natural disaster

ECON3301- Fall 2021 SMU – SSB

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Intermediate Macroeconomics Professor: Dr. Maryam Dilmaghani

Assignment 1

Due Date: October 15th, 5:00 pm Halifax time

You can answer using this file or a separate sheet. Please upload the answer to Dropbox.

Question 1.

Using Table 1, fill in the blanks of Table 2. Show your work.

Table 1.

Year 2018 Year 2019

Good Quantity (Q) Price (P) Quantity (Q) Price (P)

Apple 2,000 $20 2,500 $25

Wheat 1,000 $10 3,000 $10

Car 20 $20,000 20 $15,000

Table 2.

Year Nominal GDP RGDP; Base Year=2018 RGDP; Base Year=2019

2018

2019

ECON3301- Fall 2021 SMU – SSB

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Question 2.

Using the previous question, fill in the blanks of Table 3. Show your work.

Table 3.

2019 RGDP Growth, Base Year=2018

2019 RGDP Growth, Base Year=2019

2019 RGDP Growth, Chain-weighted

ECON3301- Fall 2021 SMU – SSB

Page 3 of 3

Question 3.

Assume that Macrolakes is at the Steady State. Using the illustration of the Solow Growth Model, explain what happens to the Steady State values if foreign workers immigrate to Macrolakes. Fully label your figure.

Question 4.

Assume that Macrolakes is at the Steady State. Using the illustration of the Solow Growth Model, explain what happens to the Steady State values if a portion of Macrolakes’ Capital is destroyed by a natural disaster. Fully label your figure.

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