PLEASE WRITE ANSWERS CLEARLY AND NEATLY. Population Growth and Technological Progress – Work It OutIn the nation of Winknam, the capital share of GDP is 35 percent, the average growth in output is 3.0 percent per year, thedepreciation rate is 5.5 percent per year, and the capital-output ratio is 3.0. Suppose that the production function is Cobb-Douglas and that Winknam has been in a steady state.Round answers to two places after the decimal when necessary.c. Suppose that public policy alters the saving rate so that the economy reaches the Golden Rule level of capital. What will themarginal product of capital be at the Golden Rule steady state (MPKola)?MPKgoldd. What will the capital-output ratio be at the Golden Rule steady state ( goldK*Y golde. e. What must the saving rate be to reach the Golden Rule steady state (sgold)?%Sgold =

This concept is a mathematical model that describes the relationship between production output and…

c. Suppose that public policy alters the saving rate so that the economy reaches the Golden Rule level of capital. What will the marginal product of capital be at the Golden Rule steady state (MPK gold)? MPK gold d. What will the capital-output ratio be at the Golden Rule steady state (gold)? K* Y gold = = Sgold = e. e. What must the saving rate be to reach the Golden Rule steady state (Sgold)? AP %

c. Suppose that public policy alters the saving rate so that the economy reaches the Golden Rule level of capital. What will the marginal product of capital be at the Golden Rule steady state (MPK gold)? MPK gold d. What will the capital-output ratio be at the Golden Rule steady state (gold)? K* Y gold = = Sgold = e. e. What must the saving rate be to reach the Golden Rule steady state (Sgold)? AP %

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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