1. The tsunami that hit Japan in April of 2011 was the costliest national disaster in history. The
following graph describes Japan's economy before the tsunami. Assume Japan was at its steady-
state capital-labor ratio before the tsunami hit. a) On the same graph, identify the new capital-
labor ratio immediately after this event. b) Describe how the capital-labor ratio will change in the
aftermath of Japan's tsunami. c) Graph how the output-labor ratio will change in the aftermath of
Japan's tsunami over time. d) Discuss Growth rate of Y in the aftermath of Japan's tsunami
during transition and at equilibrium..
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1- The tsunami that hit Japan in April of 2011 was the costliest natio.pdf
1. 1. The tsunami that hit Japan in April of 2011 was the costliest national disaster in history. The
following graph describes Japan's economy before the tsunami. Assume Japan was at its steady-
state capital-labor ratio before the tsunami hit. a) On the same graph, identify the new capital-
labor ratio immediately after this event. b) Describe how the capital-labor ratio will change in the
aftermath of Japan's tsunami. c) Graph how the output-labor ratio will change in the aftermath of
Japan's tsunami over time. d) Discuss Growth rate of Y in the aftermath of Japan's tsunami
during transition and at equilibrium.
