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Questions and Answers
What is the production function?
The production function relates inputs to output.
What property of production functions does neoclassical economics imply?
Diminishing returns to each input.
What assumption is made about the production function in the text?
It has the property of constant returns to scale.
What does Yt represent in the production function?
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How is the marginal product of an input defined?
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What is the main goal of the Solow growth model?
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What does the Solow growth model require us to be specific about?
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What does the Solow growth model provide a relatively simple framework for?
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What are the 3 main goals of the notes on the Solow growth model?
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What does the Solow growth model require us to consider about labor and technology?
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