7. Numbers in the Romer model (II): Now suppose the parameters of the model take the following values: Ão = 100, P = 0.06, Z = 1/3,000, and Ī = 1,000. = (a) What is the growth rate of output per person in this economy? (b) What is the initial level of output per person? What i the level of output per person after 100 years? (c) Now consider the following changes one at a time: a doubling of the initial stock of knowledge á, a doubling of the research share , a doubling of research productivity ž, and a doubling of the population Ī. How would your answer to parts (a) and (b) change in each case?

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Productive and Allocative Efficiency Analysis

Productive efficiency, also referred to as production efficiency is a term in economics describing the level at which a company is operating at its maximum capacity. Beyond this point, the entity will be unable to manufacture any additional goods without cutting down another product’s production level. This occurrence is an outcome of production happening alongside a Production Possibility Frontier (PPF).