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Economics

A country has the per-worker production function yt = 5k^{^{.5}}t , where yt is output per worker and k t is the capital-labor ratio. The depreciation rate is 0.2 and the population growth rate is 0.05. The saving function is St = 0.2Yt , where St is total national saving and Yt is total output.

a) What is the steady-state value of the capital-labor ratio?

b) What is the steady-state value of output per worker?

c) What is the steady-state value of consumption per worker?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91230620

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