Symmetry of net substitution effects is one of the principal conclusions of the theory of utility maximization. Which two mathematical theorems are used to prove this symmetry?
a. Taylor's Theorem and Fundamental Theorem of Calculus
b. Cauchy's Theorem and DeMoivre's Theorem
c. Lagrangian Theorem and Fundamental Theorem of Calculus
d. Envelope Theorem and Young's Theorem
d
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From one year to the next, a country's output rose from 4000 to 4500, its capital stock rose from 10,000 to 12,000, and its labor force declined from 2000 to 1750. Suppose aK = 0.3 and aN= 0.7
(a) How much did capital contribute to economic growth over the year? (b) How much did labor contribute to economic growth over the year? (c) How much did productivity contribute to economic growth over the year?
Growth in GDP per capita can only occur if the growth in:
A. Output is greater than the growth in population. B. Employment is greater than the growth in prices. C. Population is greater than the growth in unemployment. D. Prices is greater than the growth in output.