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Consider an economy where there are N consumers, each of them having one unit of available time. There is a representative rm that has a Cobb-Douglas production technology of the form Y = zF(K; N). There is no government.

(a) Suppose Y = zK^1/3N^2/3 Derive an expression that relates K and K'. What is its economic interpretation?

(b) Using your answer from part (a), derive an expression that relates k and k'

Microeconomics, Economics

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