Question 3 [20 marks]
An economy can be described by the production function,
π = πΉ(πΎ, πΏ) = πΎ πΌπΏ 1βπΌ
(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 π1 of Β£5,000 and in the second period a real wage π2 of Β£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
βDecolonisingβ has become a buzzword in debates about education in recent years. To what extent can a βdecolonizingβ agenda help address persisting inequalities in education? Please choose
