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Consider an economy with the following Cobb-Douglas production function: Y = K^1/3 L^2/3 (a) What is the per-worker production function? (b) Assuming no population growth or technological progress, find the steady-state, capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate. (c) Assume that the depreciation rate is 10% per year. Use the marginal product of capital to find the golden rule level of capital per worker, consumption per worker, and output per worker

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91829316

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