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(4 points) suppose the production function in the solow model is given by yt = ak¯ 3/4 t l 1/4 t . (a) what are the five equations and five unknowns that summarize the solow model? (b) show the transition dynamics in the solow model if ¯sy0 < ¯dk0. make sure you label the axes, curves, initial level of capital and steady-state level of capital. (c) solve for capital, output, capital per person, and output per person in the steady state. (d) if a¯ = 2, l¯ = 4, ¯s = 0.2, and ¯d = 0.05, calculate the steady-state level of capital and output per person.

Hanna intends to give her granddaughter, melodee, her antique hat pin. this heirloom has been kept under lock and key in the wall vault in the library of hanna's house in virginia. the hat pin is currently the only item in the vault. when hanna is visiting melodee in connecticut, hanna gives melodee the only key to the vault. melodee is grateful for the present and excitedly accepts. in this situation has there been a completed gift?

Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."