Question: Please provide explanaton for this . 1. What does the DMP model predict would be the effects of labor-saving devices in the home, for example

Please provide explanaton for this.

1. What does the DMP model predict would be the effects of labor-saving devices in the home, for example dishwashers, washing machines, and vacuum cleaners? Use diagrams to show the effects on the unemployment rate, the vacancy rate, the labor force, the number of firms, aggre- gate output, and labor market tightness, and discuss your results

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=+productivity depends on growth in total factor productivity and growth in the capitallabor ratio. In particular, show that D1Y/L2 Y/L = DA A + a D1K/L2 K/L .

=+ Hint: You may fi nd the following mathematical trick helpful. If z = wx, then the growth rate of z is approximately the growth rate of w plus the growth rate of x. That is, z/z w/w + x/x.

=+ 3. Suppose an economy described by the Solow model is in a steady state with population growth n of 1.8 percent per year and technological progress g of 1.8 percent per year. Total output and