Given the following data, calculate the amounts of savings per person and steady-state investment perperson at each of the given capital-labor ratios.Also suppose s = 0.1, n = 0.01, and d = 0.1. Use these formulae: sy = (n + d) k and sf(k) = (n + d) k insteady-state equilibrium.A BCDEFG HAt these points:Capital-labor ratio: 0 10,000 20,000 22,000 23,512 25,000 30,000 30,260Output per person: 0 19,102 23,518 24,200 24,688 25,416 26,560 26,629Plot graph to show steady-state equilibrium. Can you prove the steady-state equilibrium?

At steady state equilibrium, following condition must hold:sy = (n+d)kwhere s is saving rate, y is…

At these points: A B C D E F G H Capital-labor ratio: 0 10,000 20,000 22,000 23,512 25,000 30,000 30,260 Output per person: 0 19,102 23,518 24,200 24,688 25,416 26,560 26,629 Plot graph to show steady-state equilibrium. Can you prove the steady-state equilibrium?

At these points: A B C D E F G H Capital-labor ratio: 0 10,000 20,000 22,000 23,512 25,000 30,000 30,260 Output per person: 0 19,102 23,518 24,200 24,688 25,416 26,560 26,629 Plot graph to show steady-state equilibrium. Can you prove the steady-state equilibrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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