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I’m working on a economics question and need support to help me learn.

Based on the Classical-Marxian model with the conventional (fixed) wage theory you worked on for the problem set 1, answer the following questions.Suppose that capitalists decide to save less (a decrease in).i. Show the effect on the endogenous variables clearly based on the mathematical solution of the model. ii. Be sure you show and explain what happens to the rate of accumulation (and hence the growth rate of output) graphically. iii. Be sure to provide the intuitive explanation as well.

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Macroeconomic Theory

Problem set 1

The Classical-Marxian Growth Model

Write down the five equations that represent the Classical-Marxian model with the conventional

(fixed) wage theory.

What are the five endogenous variables?

What are the exogenous parameters?

Provide an algebraic solution of the model.

Provide a graphical solution of the model.

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Tags:

endogenous variables

mathematical solution

Marxism model

capitalist economy

economic development

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