Question: 4. Use the graph below: a. Estimate real GDP for the first quarter of 2015. b. Which of the following best describes the first quarter

4. Use the graph below: a. Estimate real GDP for the first quarter of 2015. b. Which of the following best describes the first quarter of 2015? (Circle the correct answer.) (a) Expansion (b) Recession (c) Peak (d) Trough

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=+ d. Income per worker in Richland is actually

=+16 times income per worker in Poorland. Can you explain this fact by changing the value of the parameter ? What must it be? Can you think of any way of justifying such a

=+c. If the CobbDouglas parameter takes the conventional value of about 1/3, how much higher should income per worker be in Richland compared to Poorland?