Question 3 [20 marks]
An economy can be described by the production function,
𝑌 = 𝐹(𝐾, 𝐿) = 𝐾 𝛼𝐿 1−𝛼
(a) Show that this production function exhibits constant returns t
Question 2 [15 marks]
Mary lives for two periods. In the first period she gets a real wage 𝑌1 of £5,000 and in the second period a real wage 𝑌2 of £6,000. She knows with certainty what her
Question 1 [10 marks]
Consider a two-period economy with a household and government.
The household behaves according to its intertemporal budget constraint, but faces a borrowing constraint that
‘Decolonising’ has become a buzzword in debates about education in recent years. To what extent can a ‘decolonizing’ agenda help address persisting inequalities in education? Please choose
