英文版宏观经济典型例题附带标准答案15页

1、Macroeconomics1、工CcnsiderHieconomyfh?tproduceindri)nSLirnsbrrnthauMrnnbleK.Theiblo科ingtablecontainsdataforiwodiffereniyears:Year2000Year2010Priceufanautomobile$40,000$5(WPriceofaloafufbreadSI.50S250Numbercfautomcbilt?sproduced100120Mutnberofloavesofbroilproduced5,0000004,000,000Lsingtheyear2000astie

2、baseyejr,computethefollowingstatisticsforeachyeai.luiiniidlGDP,JtdlGDP,dieimplkitprixdeEaiurfjrGDPtandafiAed-*uighlpncrindexsulIiusthrCPLi*-j厂八口_/02(K)O充z-j2000._znJtKHf.jqJflOU,.口片皿旧fFcorfQcflrJ丁f尸MgQgoa/=SJIr50()t000此用3/C0-P皿型*°J。和JTPJ0t<t*Q-俨。=SmMW的Rea/CDP：ni07PsW*吗+(*偏皿产"J-SJOMOftO/

3、mplicirPriceDeflafor2ojo=ominalG0PuReZGDPjtno=148CPI?no-f明*耳二产'2、SupposethatthisyearsmoneysupplyisS600billionnominalGDPis10trillionandrealGDPisS6trilliona) Whatisthepricelevel?wtiatiathevelocityofmoney?b) Ifthefedksepstheirmoneconstantandthevelocityisconstantandtieoutputofgoodsandservicesincreas

4、eby5%ayear.c；Whatwillhappentonamina：lGDPandthepricelevelofnextyear?willthislesdtoafiiglieirnominalGDPandGDPdeflator7d)Whatmoneysupplyshouldthefedsetnextyearforstability7-Whatmoneysupplyshouldthefedsetnextyearifitwantsinflationof10%?a)Assumingri口rieLai丁equationFvl.'P-Y.V.M-SOObNGDP=10Q00bRGOP=5&#

5、39;OQObNGOP=RGDPxP-PY10灿0-5'C00xPP=1000/000=2V=PY/Mh1Q1000/500-20b)AM=0;AV=0;AY=45%c)(1+fiArt)/(1*AP)=i1+AY)/(1+AV)1/(1+AP)=(1+5%)/11/(1+ZiP)=1.051+AP=VIQ5AP=(V1防门口占=-0。用105Y047&*476%邱GDF=旃丫=41309号=1=(t1/105)(105»-1=1-1=0NominalGCPwillremainthesamenochange)becausegrowthinRGDPwillbeofTse

6、tbyfialiriprice厄闻.Pricelevelwillfallthusdelfaiorwilldecrease.可n=AP=0:ZlV%=0:ZiY%r5%(1+AM)/(1+APJ=(13)/(1+M/)(1+AIVI)/1=(1+51%)/11+AM=1+5%AM=+5%M=500billion+5%=5WM05=525billionu=AP'X)=+10%;AV%=a;AY%=+5%1+AM)/(1+APJ=(1+AV)/(1+iV)(1+AM)/1.1=1.05/11出M=1.05x11=1.155M=5Wbillion+15.5%=500x1.156=5Z7.5bi

7、llionAM=+77.Sbillion3、Supposethegovernrrientreducestaxesby£20billionthatthereisnocrowdingoutandthatthemarginalpropensitytoconsumefMPC)is3/4(a.)Whatistheinitialeffectofthetaxreductiononaggregatedemand?(bjWhatadditionaleffectsfollowthisinitialeffect?'/hatisthetotaleffectofthetaxcutonaggregate

8、demand?(c)Howdoesthetotaleffectofthis$20billiontaxcutcomparetothetotaleffectofaS20billionincreaseingovernmentpurchases?Why*5ia)Theinitialeffectofthetaxreductionof$2。billiononagarEiat&denandis$16!a»»«:!»I；nv«a4ni+fc*billionAtaxreductionof20blnisalreadyearneddisposableinco

9、meofthehouseholdsandothersOfthisadditionalincome,theyconsurreonly才4thsasth&rnpcis3/4And3/4thof320billioni&$15billion.(b.)Theadditionaleffectsthatfollowthisinitialeffectis54Sbillion.Thishappensbecauseaftertheinitialincreaseinaggr&galedemandandthereforeinaggregateincomeby$15billion,inth&am

10、p;n电xtroundthereimfurth&radditionto曰gg伯g凯电demandby3/4of$15tillionar510.25.billion.Inthesamewaythenextsuccessiveroundstheincreasesinaggregatedemandare3/ithcf1025.3/4：hof3/4erf10.25,andsoon.ITietolaleffectofthetaxcutonaggregatedenandis:hereductioninthetaxamountmultipliedbythetaxmultiplier-billionf

11、(-3/4)/(1-3/4)=$(20*3M>1/4=$60billion.(c.)ThetotaleffectofaS2Qbillionincreaseinlowernnwntpurchaseswouldbehigherbecausetheinitialeffectishigher.A520billiongovtpurchaseisastraightadditiontoaggregatedemandandinitialroundincomeexf>ansionunlikeinthecaseof520billiontaxcul,thetaxpayersincreasedtheirc

12、onsumoptiondemandfcyonlyS15billion.mpcb&img3/4.Theto：aleffectofgo'4purchasesisgiierlbytheincresseingc/t.purchaseof$20billiorrmultipliedbythespendingmultiplier.Thespendngmultplierisgivenby1i1-moc)-1/(1-3/4)=1/(1.4)-4,Sothetotaleffectofthegovtpurchaseadditioncf$20billionis$R0*4billion=S80billi

13、on.Ttius,thtotaleffectafthis$20billiontaxcutis320billinlowerthanthethetotaleffectofaS20billionncreaseingovermnentpurchases.4、Abbyconsumesonlyapples.Inyear1,redapplescost1dollareach,greenapplescost2dollareach,andAbbybuys10redapples.Inyear2,redapplescost2dollar,greenapplescost1dollar,andAbbybuys10gree

14、napples.a. Computeaconsumerpriceindexforapplesforeachyear.Assumethatyear1isthebaseyearinwhichtheconsumerbasketisfixed.Howdoesyourindexchangefromyear1toyear2?b. ComputeAbby'snominalspendingonapplesineachyear.Howoesitchangefromyear1toyear2?c. Usingyear1asthebaseyear,computeAbby'sealspendingona

15、pplesineachyear.Howdoesitchangefromyear1toyear2?d. Definingtheimplicitpricedeflatorasnominalspendingdividedbyrealspending,computethedeflatorforeachyear.Howdoesthedeflatorchangefromyear1toyear2?SupposethatAbbyisequallyhappyeatingredorgreenapples.HowmuchhasthetruecostoflivingincreasedforAbby?Compareth

16、isanswertoyouranswerstoparts(a)and(d).WhatdoesthisexampletellyouaboutLaspeyresandPaaschepriceindexes?,包工工批外+伊以必皿)=(i2x10)+($1xO)a.CPF=xQ：e)十(Px。')二($1x10)+($2xO)AccordingtotheCPI(消3!物僵指数)，priceshavedoubled.b. N-spendingisthetotalvalueofoutputproducedineachyear.InY1andY2,Abbybuys10applesfor$1each

17、,soherN-spendingremainsconstantat$10.Nomina)Spending.=IP潟xQ丸i)十力n乂QJ)=(S2x0)+(SIx10)=$10.c. R-spendingisthetotalvalueofoutputproducedineachyearvaluedatthepricesprevailinginY1.InY1,thebaseyear,herR-spendingequalsherN-spendingof$10.Inyear2,sheconsumes10greenapplesthatareeachvaluedattheirY1priceof$2,so

18、herrealspendingis$20.RealSpending;1.=X。温）+俨父弓二刖）=($1x0)+($2x10)=$20.Hence,Abby'srealspendingrisesfrom$10to$20.二。疝ImplicitPriceDeflator-=NominalSpendin跖=112d.RealSpending$20Thus,theimplicitpricedeflatorsuggeststhatpriceshavefallenbyhalf.e.IfAbbythinksofredapplesandgreenapplesasperfectsubstitutes,

19、thenthecostoflivinginthiseconomyhasnotchanged.AccordingtotheCPI,however,thecostoflivinghasdoubled.IncontrasttotheCPI,theimplicitpricedeflatorestimatesthecostoflivinghashalved.Thus,theCPI,aLaspeyresindex,overstatestheincreaseinthecostoflivingandthedeflator,aPaascheindex,understatesit.Thischapterofthe

20、textdiscussesthedifferencebetweenLaspeyresandPaascheindicesinmoredetail.5、3. Corsidsrantcontrn/bythefoldu/irgequations：Y=C-l-Gy=soonC-1,000T=1.QD0C=250+0.75(y-O/=1,000-50ra. Intniseconomv<computeprivatesaving,publicsavhe.andnationalsaving2points)&ipoSabieIncone=5,000-1,003=4,COConsu*nption-25

21、O+O754000)=3250PrivateSavingi4000-3250=750PubicSaving=0MatronalSaving=750b. Findtheequilbriuminterestrate二piint)5=17501.000-50-c. MowsupposethatC七色二to12ECLComputeprivate£3vingrpublicsang,andnstinnsl讦：vng(2points)Ccnsumptiordoefretchange.Sodoespr'iva+esavngPublicsnving=1000-125D=-250Natior.a

22、lsaving=750*250=503d. Findthere%equilibriuminterestrate.1point)5二工500=1000-50r0.3r=10.6、Supposethataneconomy'sproductionfunctionisCobbDouglaswithparametera. Whatfractionsofincomedocapitalandlaborreceive?b. Supposethatimmigrationincreasesthelaborforceby10percent.Whathappentototaloutput?Therentalp

23、riceofcapital?Therealwage?c. Supposethatagiftofcapitaformabroadraisesthecapitalstockby10percent.Whathappenstototaloutput(inpercent).Therentalpriceofcapital?Therealwage?d. SupposethatatechnologicaladvanceraisesthevalueoftheparameterAby10percent.Whathappenstototaloutput?Therentalpriceofcapital?Thereal

24、wage?a. ACobbDouglasproductionfunctionhastheformYAtLltaThetextshowedthatthemarginalproductsfo-rrheCobb-Douglasproductionfuncrionare:MPL(】aAK廿-ld)Y3LXiPK=ciAKa，:Ll<a=trY/KCompetitiveprofit-maximizingfirmshirelaboruntilitsmarginalproductgq皿Istherealwagaandhirecapitauntilitsmarginalproducrequalsther

25、ealrentalrate,UsingtlKsefacisandrhenboveimigiiialprodiKifbriheCubb-DouglasproduciionfuiKiiun,wefind.W/P=MPL=(l-a)Y/LRP=MPK=aYKRewriutigthis:(Wp)L-MPLxL-(l-a)Y(RP)K=MPKnK=nYNotethat(heterm%1U存比and(R/P)Karerhewagehillandtotalrerurntocapital,respectively.Giventhatthevalueofn0.3ttlxntheaboveformulasindi

26、cateiliailaborreceives70percentofluialompULtotincutnej.inchis(J-0.3KmidcapiLalreLEies30ptreemofLOLaluuipui(urincametb. TodeiermineMhathappensloTotalouiputwhenthelaborfbreeincreasesby10percent,consider(liefbrtnulafor(heCobb-Douglasproductionfunction:Y=AK'Lu.LeiYequaltheinitialvalueofoutpurand

27、5;2EqualHnaloutput.eknowthata=0.3.WeakaknowthatlaborLiticreasesby10percent:Y：=A-Y2-AKI.IL)07NotethatwemultipliedLby1.1toreflect10percentincreasemthelaborforce.Tocalculatethepercentagechangeinoutput,divideY?byYi.Y2_AK。3q")0.7石="4Ko3M一=(l.l)07=1.069.Thatis.ainpmincreasesby69percent.Todetermi

28、nehowincreaseinthelaborforceaffectstherentalpriceofcapitalconsidertheformulatortherealrentalpriceofcapitalRJPzRP=MPK="ALU"Weknowchata=0.3.Wealsoknowrhatlabor(£)increasesby10percent.Letequaltheinitialvalueoftherentalpriceofcapital,and(R/P)2equalthefinalrentalpriceofcapitalafterthelabor

29、forceincreasesbyIOpercent.Tofind(R/P)：,multiplyLoy1.1toreflectthe10-percencincreaseinrhelaharforce:(R/P)i=0.3AK-07Lu7(R/P£=0.3AK3(lJL产Therentalpriceincreasesbytheratio:CR/P)20.3.K-oyLL产(R/P)t.-O.3AK-C7LQ7=(1.1严=1.069.So,therentalpriceincreasesby6.9percent.Todeterminehowincreaseinthelaborforceaf

30、fectstherentalpriceofcapital,considertheformulafortherealrentalpriceofcapitalR/PtR/P=MPK=ciALLWeknowthata=03.Wealsoknowthatlabor(Z)increasesby10percent.Let(R/P)iequaltheinitialvalueoftherentalpriceofcapital,and(R/Pkequalthefinalrentalpriceofcapitalafterthelaborforceincreasesby10percent.Tofind(R/P、：.

31、multiply£by1.1toreflectthe10-percentincreaseinthelaborforce:(R/Ph=OJAYWR.P£=0.3AmiL产Therentalpriceincreasesbytheratio:(R/P)2_O.3T4/fO7(l.lL)(>7(R/P)i="03AK-07L07-=(l.l)07-1.069.So,therentalpriceincreasesby6.9percent.Todetenninehowtheincreaseinthelaborforceaffectstherealwage,conside

32、rthefbnnulafbrtherea.1wageH7P:W/P=MPL=(l-a)AKaL'aWeknowthata=0.3.Wealsoknowthatlabor(£)increasesby10percent.Let(equaltheinitialvalueoftherealwageand(IITP)：equalthefinalvalueoftherealwage.Tofind(n7P)2,multiplyAbyI.Itoreflectthe10-percentincreaseinthelaborforce:(W/P)1=(I-0.3)AK°3l”3(W/P卜

33、=(I-0.3)AK°、I.IL)-03Tocalculatethepercentagechangeintherealwage,divide(H7P)2by(JI7P)|：(W/P)2_(1-0.3)4K03(lil)-03(W/P)1="(1-0.3)4K03L-C3-=(I)-。3=0.972.Sother&slwagedecreasesby2.8%,TheinruiriociL5(iartupptyoflaborincreases,laborbeccmesrelativelyabundantandcapitalbecomesrelatively牌armreso

34、urcesoftheeconotuy;IkiKC,real明agtdecreasesandrealrcmalrateincreases.c. 虬ecanusethesainelogicasinpfi/t(bjtoseiY：=Ad_氏7y3-a(lik)djlq-7Therefore,wehape:Yz_A(l.lf()03L07K=J.国一-LI严=1,Q2Q,ThisequatiotiishoutcharoutputMures1f替byabout3percent-Noticethata<0.5meansthatproportionalincreasestocapitalwillincr

35、easeoutputbylesshanthemeproporriortfllincreasetolabor.Againusingthesamelogicasinpart(b)forthechangeintherealrentalpriceofcapital:CR/Ph_0.34C厂“(R/P)l=0.3>lK-0Tt07=(L1)*OT=0.935.Therealrentalpriceofcapitalfallsby6,5percentbecausetherearcdiniinishii唱returnstocapital;rhati«tfchcncapitalincreaseK

36、hitinurginaEproducefall*.Finally,hechangeiniherealwageis:tW/P)a_0.7/1C1.ik)O3L-O1(W/P)t=-0.7>1/fDjL*n3-(Il)03=1.029-I?nce.realiR-wges.inrreaiehy?.Qpercenthecuerheaddadcapitalini?rense<then】总rginnlproducTLityoftheexistingwoiHkeri.(Noticethatthewageandoutputhaxebothincreasedbythesameamount4leavi

37、ngthelaborshareunchanged-afeatureofCobb-Douglastechnologies.kecalldiatW.P-MPL(Ia)¥L.cncc.MPL*L-(laWhinnandLstaysthesamefXIPLandYarcdirtctlyproportional.>d. Usingthesamefbnnula.uefinditmiThechanRtinouipuiis:Y2_(Ll-y，K=一4一一小7一=LIThisequationshowsthatoutputincreasesby10percent.Similarly,therrnt

38、alprice1ofcapitalandthefceiIwagealsoincreaseby10percent;(R/P)2_D,3Cl,14)/<-O7L07(R/P)t=-0.3?4AR-O7LO7-=LJ(Wyp)207(1(W/P)1=-0,7河2L=1.17、Supposethatthemoneydemandfunctiontakestheform(M/P)dL(i,Y)Y/(5i)a. Ifoutputgrowsatrateg,atwhatratewillthedemandforrealbalancesgrow(assumingconstantnominalinterestr

39、ates)?b. Whatisthevelocityofmoneyinthiseconomy?c. Ifinflationandnominalinterestratesareconstant,atwhatrate,ifany,willvelocitygrow?d. Howwillapermanentincreaseinthelevelofinterestratesaffectthelevelofvelocity?Howwillitaffectthesubsequentgrowthrateofvelocity?a. foutputYsatratethenrealnicnevbalancei(MP

40、i-mustalsogro'alrilegLgivendialthenominalmtenestrateicons：antrExpressing:hemoneydemandflincuoninpercentagechangeform,wehave:%Change彳VP产%Chan.inY-%Changeinf5：XWhenthenotninalinieritraledoesnotchange,xehave%ChansefWPF=%ChangeinY-0.g%ChangeinY.b. Tofindthevelocityofftioneystarwiththequantityequatio

41、nMV=PYandrewritetheeqcationgM/P)=(l/V)YhSinceinoevsupplyandmoneydemandshouldbethesamawehave(M/P)=(MP/.Fierce,(IV)Y-Y(5/)Therefore,thevelocityofmoneyisV-Stc. Frompartb.wehaveV=5i.wherei旭tlienonriirialinrer£strate,ftltenominaliniertstrateisconstantttlienthevelocitycfmoneymustbeconstant.d. Again.f

42、rompanb.wehaveV-5t,whichmeansdmthereigaone-to-onerelationshipbetweentlielee)ofvelocityandthekveldfimecestrate.Hence,白one-timeincreaseint.elEtelofnomitialinterestratewillcauseao:ie-timeincFeasentheeelof1己k>citvofmonev.There,vi【lbenofiirtherchargesinthevekwiiyofmoney;becausedeincreaseininterestrate

43、isjustaonetimeevent(TIkinterestratedoesnoigro'overdm;inthisproblem8、ConsideraneconomywiththefollowingCobb-Douglasproductionfunction:丫K13L23Theeconomyhas1000unitsofcapitalandalaborforceof1000workers.a. Derivetheequationdescribinglabordemandinthiseconomyasafunctionoftherealwageandthecapitalstock.b

44、. Iftherealwagecanadjusttoequilibratelaborsupplyandlabordemand,whatistherealwage?Inthisequilibrium,whatareemployment,output,andthetotalamountearnedbyworkers?c. NowsupposethatCongress,concernedaboutthewelfareoftheworkingclass,passesalawrequiringfirmstopayworkersarealwageof1unitofoutput.Howdoesthiswag

45、ecomparetotheequilibriumwage?d. Congresscannotdictatehowmanyworkersfirmhireatthemandatedwage.Giventhisfact,whataretheeffectsofthislaw?Specifically,whathappenstoemployment,outputandthetotalamountearnedbyworkers?e. W川Congresssucceedinitsgoalofhelpingtheworkingclass?Explain.f. Doyouthinkthatthisanalysi

46、sprovidesagoodwayofthinkingaboutaminimum-wagelaw?Whyorwhynot?a. Thedemandfbrlaborisdeterminedbytheamountoflaborthataprofit-maximizingfirmwantstohireatagivenrealwage.Theprofit-maximizingconditionisthatthefirmhirelaboruntilthemarginalproductoflabor(marginalrevenue)equalstherealuage(marginalcost),MPL=W

47、/P.Themarginalproductof*laboriqfoundbydifferentiatingtheproductionfunctionwithrespecttolabor(seeChapter3formorediscussion).dYdK'SdL2：K1/3L-1/3.Hcncc,W/P=11/3£-1/3Now,rosolvefbrthelabordemand,wesolvethisfbrL:3W-32PNotethattheincreaseintherealwage(W.P)willreducethedemandoflabor.b. Inparta),we

48、havesolvedfortherealwage(WP)asafunctionofKandL:8W=方(万)-3kLaboveisthelabordemand.Inequilibrium,wehavesupplyoflabor=demandoflabor.SmcewehavelaborsupplyofL=1,000intheeconomy,weplug-inL=1,000intotheaboveequation.Similarly,weplug-inK=l,000.Thenwecans.olveforWP.8Wq1,000=(r3LOOJJ/T尸27W二=()8SW2P=3Aswehavesa

49、id,inequilibrium,employmentisL000(sincelaborsupply=labordemand=1,000).Togettheoutput,weplug-inequilibriumvaluesofcapitalardlaborK=1,000andL=l,000intheproductionfunction:Y=KlV3=1,000QOO：3=ioooThetotaloutputearnedbyworkersisequaltomarginalcontriburionoflabortooutput(MPL)timestheamountoflabor:MPL*L=(W/

50、P)岚L=(2/3)x1.000=667unitsofoutput.Notethatttielaborgetsnvo-thirds(23)oftotaloutput(Y=1,000).InCobb-DouglasproductionfunctionoftheformY=K“LaandI-astandsfbrthecapital'sandlabor'sshareofoutput.Inthisproblema=l/3.c. TheCongressmandatedarealwageofIunitcfouipuLwhiehisabovetheequilihrtuirrealwageof

51、ofoutput,d. Finns%*illusethelabordeinandfuncciontodecideiowmanyorkerstohireatthegifenrealwageofIandcapital$;tockofI.IVIO-.t/sinthelabordemandfLinotioniasha_edeniedinpart(a)fiW,苧K=100=296oiethajxxithcutthismandatePbeingtheequilibriumwagerai&23kLuouldbeI.OntlWiththemandate1thectnploycnentisonly296

52、.Plugging-inL=296andK=1.000intheprodLiciiotifunciiontthe：ourpuck:Y=Kf|,000I3296：3=444lTheamountofourpuiearnedbyworitersis:MPLxL=(WF>*l=I»296=296xinhsofourput.WecangetThesamenumberalsobymultiplyingtheshareofouiputtlieLaborgeis(rheexponenttothelaborintheproductionfjnciion，uidthetocaloutput:23*

53、444=296.e. Thepoliuvredistributesoutputfromthe*04workershobecameinvoluntarilyunemployedtothe296workerswhogetpaidmorethanbefore.Theluckyworkersbenefitless(Eianthelosersloseas(hetotalcompensaiiontotheworkingclassfallsfrom68r296unicsofoutpur.fTtieanalysisofminimumwageinthisproblemfocusesonthetwoeffecis

54、ofthesetaws:Theyraiseihe认Hgcforsomeworkerswhiledownjard-stopingLabordetnandreducts11忙toialnumberofjobs.口归、hcwe'ker,thatjt'labordemandlslesselasticthaninthisexample,tlienthelossofenjoymentmaybesmall亡几andihechangeinworkeritKomemightbepositive.9、Onecountry,A,thecapitalshareofGDPis30percent,thea

55、veragegrowthinoutputis3percentperyear,thedepreciationrateisabout4percentperyear,andthecapital-outputrateisabout2.5.SupposethattheproductionfunctionisCobb-Douglas,sothecapitalshareisconstant,andthatcountryAhasbeeninasteadystate;.a. Whatmustthesavingratebeintheinitial?b. Comparethecapital-outputratioa

56、ttheGoldenRulesteadystatetothecapital-outputratiointheinitialstate.c. WhatmustthesavingratebetoreachtheGoldenRulesteadystate?Dosesitneedtobeincreasedordecreased?WhatpoliciesmightcountryApurse?Tosul'ethisprohlem,itisiiietulto旧Mtablkhivhatweknowa.boiLtthe二S.economy.ACobb-DongIpT，wh1ijmfiiiictif>

57、;DIihhtheforTii,7=wllerenizcapital>j*lmreof丁h*r®】ktIimtn=0.3,科中kinavrliMTrh*jMixliKrThmihinrtioniay修正TliercrkvtlirHit-eotEiutputtlierciwtlitTte!ofoutputjit?rworkter(iiiiczoEiiejwercapita)plusthegr口wthrateofthelabourforce(populationLSinceintlwEstetidystateoutputperworker*notrhalifting:什掉耳T$7w

58、thrate也zero),thegrcnvthrHteof(iiiitpntArjiialstlipfp'nwtlirarpcifthppHtipiilar1011.Inth户英tpxdywpkticiwihutthegrowthrataofoutputequals3perconthoweknowthatn=O.O3P(AltaniathlyyimcrtnH2*snrnetliMtnilrlifgrcnvthrntffiffmtjnitisgrowthrnteofcmtpntperworkerandthegrc>wrlirareofthelabourforceixzero.Ifyoun=0withoutanycxpliumtiaikyouwinbepenalized*)Thecapitaloutputratk>A"<'1'=2.5.KK/Lk=.wqahoknowthatky=2.5i鼻)WliMiijiitidie，乳行1塔raie)eintheinitialiieadyjiftieQ.litllziwitJlUl£hteAil'-stat