Its marginal propensity to consume is 34. if its gnpin, Ask an Expert

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A harrod-domar economy has been in balanced (i.e., steady state) growth, with full employment of both labor and capital, for the last 10 periods. Its production function is F(L,K)=min(3L,4K) and its marginal propensity to consume is 3/4. If its GNPin period10 is 2,048, how much labor and capital did it start with in period0?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9273472

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