Assume that the per-worker production function is yt =2kt 0.3. The saving, depreciation and population growth rates are estimated at 0.3, 0.05 and 0.02, respectively. (a) Calculate the capital - labour ratio steady state for this economy. (b) Calculate consumption per worker at the steady state.

Assume that the per-worker production function is yt =2kt 0.3. The saving, depreciation and population growth rates are estimated at 0.3, 0.05 and 0.02, respectively. (a) Calculate the capital - labour ratio steady state for this economy. (b) Calculate consumption per worker at the steady state.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that the per-worker production function is yt
=2kt 0.3. The saving, depreciation and population
growth rates are estimated at 0.3, 0.05 and 0.02,
respectively. (a) Calculate the capital - labour ratio
steady state for this economy. (b) Calculate
consumption per worker at the steady state.

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Step 1: Define the per-worker production function

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Step 3: Calculate consumption per worker at the steady state

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