The components here deserve some comment: The marginal utility of consumption per head of labor in efficiency units
is taken to be a constant (a standard assumption); hence (1-s) is also a constant, dEA(t)/DR(t) is the expected marginal value of the return (say, in constant dollars).
Capital is measured in physical unit, while labour is measured in efficiency unit
This has implications for the social welfare function and the accumulation equations for capital and debt in efficiency units
Also, all variables are divided by labor in efficiency units
([y.sub.t] [equivalent to] [Y.sub.t]/[L.sub.t] exp([Lambda]t)) rather than labor units, where [Lambda] is the Harrod neutral technological progress.
In particular, the total output [Y.sub.t] is produced according to the twice continuously differentiable, increasing, strictly concave and linearly homogeneous production function, [Y.sub.t] = F([K.sub.t], [L.sub.t]), where [K.sub.t] is the amount of capital and [L.sub.t] is the labor measured in efficiency units
. Capital fully depreciates after one period.
Leasing of the efficiency units
became more difficult.
Designed by Minneapolis-based UrbanWorks Architecture, the project will offer 24 efficiency units
, 92 one-bedroom apartments, 47 two-bedroom units, and six units with three bedrooms in each.
concord towers (dwelling units): concord is an eight (8) storey senior and disabled hi-rise building with 64 one-bedroom units; vista village (dwelling units): vista is an eight (8) storey senior and disabled hi-rise building with 180 apartments (107 efficiency units
, 72 one-bedroom units and one (1) two-bedroom apartment).
Construction commenced on the 65,000 square foot restoration project at the end of February, and when finished will include four efficiency units
, 16 one-bedroom apartments and 17 two-bedroom apartments, along with first floor retail space and a third floor community deck.
It is shown below, for a two-country world, that when two countries have different rates of growth in their supplies of labor and capital, as measured in efficiency units
, they also have different optimal rates of return to capital, and so correspondingly different wages.
Improvements include: upgrade lighting in common areas and apartments with compact fluorescent lighting, replacing refrigerators with ENERGY STAR[R] labeled units, replacing old or inefficient heating systems with high efficiency units
, improving ventilation, installing carbon monoxide detectors, water-saving devices, and windows and doors.
In previous studies, the approach has been to convert labor inputs into common efficiency units
by multiplying physical inputs (hours worked or number of employees) by an index based on such factors as years of education (and possibly some demographic attributes).