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Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings rate of 14.6% and 3.3% of capital depreciates every year. What is this country's steady state amount of GDP? Round your final answer to two decimal places.

Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings rate of 14.6% and 3.3% of capital depreciates every year. What is this country's steady state amount of GDP? Round your final answer to two decimal places.

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Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings rate of 14.6% and 3.3% of capital depreciates every year. What is this country's steady state amount of GDP? Round your final answer to two decimal places.
Transcribed Image Text:Country A produces GDP according to the following equation: GDP = 5√K. The country has a savings rate of 14.6% and 3.3% of capital depreciates every year. What is this country's steady state amount of GDP? Round your final answer to two decimal places.
A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £16 for a day's work. A loom powered by a steam engine is able to produce 97 yards of fabric per day. The powered loom still needs a worker to operate it, earning £16 per day, but also needs 22 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places. 3
Transcribed Image Text:A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £16 for a day's work. A loom powered by a steam engine is able to produce 97 yards of fabric per day. The powered loom still needs a worker to operate it, earning £16 per day, but also needs 22 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places. 3
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