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Nurşah Akın1 Nurşah Akın1
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2 years ago
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate
(s) and the depreciation rate (δ) are equal to 0.10. Further, suppose that the
number of workers grows at 3% per year (n = 0.03) and the rate of
technological progress is 7% per year (a = 0.07). Further assume that the
population growth is equal to the labour force growth
Find the steady-state values of:
a- the capital stock per effective worker.
b- output per effective worker.
c- the growth rate of output per effective worker.
d- the growth rate of output per worker
e- Draw a diagram and show all your results in a diagram.
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Educator
2 years ago
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