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suppose an economy's per-woker production function is y=3k^.5. Its saving, depreciation, and population growth rates are estimated at .2, .04, and .02 respectively.

a. Calculate the steady state values of the capital-labor ratio, output per worker, and consumption per worker.

b. Increase the saving rate to .4 and calculate the steady state values of the capital-labor ratio, output per worker, and consumption per worker.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9490427

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