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Economics

1.Discussion: Autor, "Why are There So Many Jobs" I mond Technological replacement of labor has been a concern ever since the industrial revolution. In this article, Autor provides a look at why machines have not completely replaced workers as of yet. While this article is a few years old now, it is typically listed in the top 5 of the "Most Popular" economics journal publications by the American Economic Association. What are your thoughts about technology change and employment going forward? What technologies and what types of jobs will persist, and which will not?

2.Consider an economy with a production function Y = KΘ(AN)1-Θ with Θ = .5 and A = 4K/N. Suppose it has a saving rate of .1, a population growth rate of .02, and a depreciation rate of .03.

Now suppose with the saving rate again equal to .1 that the rate of population growth increases to .05 ceteris paribus. What are the growth rates of y and k? What affect does an increase in the rate of population growth have on the rate of economic growth?

dy/y = ________ dk/k = ________

An increase in the rate of population growth will cause the rate of growth of per capita output to circle: (increase/decrease).

3. Define cross-price elasticity of demand and discuss within the context of complementary goods and substitute goods. 2 A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. Find cross-price elasticity of demand and explain. 1

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