[題組四25%]
Fill out the blank fields and provide your explanations on the answer book
Sir Pelleas, the prime minister of Neverland, states that Neverland saw exactly the same number of births and deaths in the past five
years and will log zero population growth rate over ten consecutive years.
Sir Ector said that the central bank target the interest rate of Neverland based on i=
(percentage gap between actual & full-cmployment GDP).
Sir Lucan states that Neverland's consumption function is C (consumption) = 0.1 + 0.6 x GDP
Sir Dagonet says that the country's production factor of labor is 100 total work hours.
Sir Gawain reports that the country's production factor of capital is 400 total capital hours and that about 1 0% of GDP is used to
replace depreciating capital.
Duke Rez said that the country of Neverland has been a closed economy since the Medieval Period and its production function Y=
Sir Dinadan teaches the cabinct members that the marginal product of capital (MPK) is the incremental increase in total production
that results from one unit increase in capital while keeping all other inputs constant. When an economy has constant returns to scale,
any increase in capital while keeping labor constant results in diminishing marginal product of capital
Sir Lamorak teaches the cabinet members that Tobin's Q equals the market value of a company divided by its assets' replacement cost.
Thus, equilibrium is when market value equals replacement cost. At its most basic level, the Q Ratio expresses the relationship
between stock market value of the economy's capital and the actual cost to replace capital that were purchased when the stock was
issued.
Based on the above information,
【題組】3. Neverland's output per labor hour =_______. Show your calculation. (2.5%)