Golden Rule Level of Capital Assume an economy has the following production function: Y = F(K, L) = 24K0.25L 0.75 2 Assume that the savings rate is 0.08, the depreciation rate is 0.06, and the population growth rate is 0.045. You may assume that the rate of technological progress is equal to 0. Round your answers to two decimal places. (a) Briefly define the Golden Rule level of capital. (b) Calculate the Golden Rule level of capital stock per worker. (c) What is the savings rate associated with the golden rule level of capital? (d) What is the consumption level at the golden rule steady state?

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Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)

(a) what was the opportunity cost of non-gm food for many buyers before 2008? (b) why did they prefer the alternative? (c) what was the opportunity cost in 2008? (d) why did it change?