Alwyn Young, an economist at the London School of Economics, has a paper in which he studies the macroeconomic consequences of the horrible tragedy of AIDS in sub- Saharan Africa. Answer the following questions motivated by his research. Assume that the exponent on capital is 1/3 and the exponent on labor is 2/3. Required:
a. In the production function model we examined in class, we noted that the wage rate is equal to the marginal product of labor. Write the mathematical expression of this statement. That is, write the wage as a function of capital, labor, and the total factor productivity (TFP) parameter.
b. Young estimates that AIDS may eventually kill 25% of the population in some of the poorest countries of the world. Assuming TFP and the amount of capital are unchanged by the epidemic, by how much would the wage rate change as a consequence of AIDS.
c. Discuss your result. Why does the wage rate change? Why is the effect larger or small in magnitude than 25%? In what sense is there a "gift of the dying," to use Young's title?

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An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $

Stock market crashes happen when the value of most of the stocks in the stock market increase at the same time. question 10 options: true false