Consider an economy whose production function is y(t) = K(t)ª, K(t) = sY(t) — SK(t) (Notice there is a dot above the K). Show that if there are increasing marginal returns, that is a>1, then there are two possible futures for the economy depending on whether the initial capital K(0) is greater or less than a threshold. Estimate the value of that threshold.

Consider an economy whose production function is y(t) = K(t)ª, K(t) = sY(t) — SK(t) (Notice there is a dot above the K). Show that if there are increasing marginal returns, that is a>1, then there are two possible futures for the economy depending on whether the initial capital K(0) is greater or less than a threshold. Estimate the value of that threshold.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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