Assume that production is given by y k12l12 first write the, Ask an Expert

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Assume that production is given by Y= K^(1/2)L^(1/2). First, write the production function in per person terms (y=f(k)). Next, assume that the per person level of capital in the steady state is 4, the depreciation rate is 5% per year, and population growth is 5% per year. Does this economy have "too much" or "too little" capital? How do you know? Show your work.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92002340

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