1. In a certain country, the production function is y = Ak2.The fraction of output invested, s, is 0.25. The depreciation rate 8 = 0.05, population growth rate is 0%. A, the overall productivity parameter, equals 1. (a) What are the steady state levels of capital per worker, k, and output per worker, y? (b) In year 1, the level of capital per worker is 16. Make a table like the one below showing how capital and output change over time (the beginning filled as a demonstration). Ak Ay Continue the table up to year 8. (Note that is the growth rate of k and is the growth - k rate of y.) Year Сapital Output Investment Depreciation Ak Ak Ду k 1 16 4 0.8 0.2 3 6. 7 8.

1. In a certain country, the production function is y = Ak2.The fraction of output invested, s, is 0.25. The depreciation rate 8 = 0.05, population growth rate is 0%. A, the overall productivity parameter, equals 1. (a) What are the steady state levels of capital per worker, k, and output per worker, y? (b) In year 1, the level of capital per worker is 16. Make a table like the one below showing how capital and output change over time (the beginning filled as a demonstration). Ak Ay Continue the table up to year 8. (Note that is the growth rate of k and is the growth - k rate of y.) Year Сapital Output Investment Depreciation Ak Ak Ду k 1 16 4 0.8 0.2 3 6. 7 8.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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