Please answer both questions they pertain to eachother points that are essential for my course. Thank you will give a thumbs up :) Country A produces GDP according to the following equation: GDP = 5√K. The country has asavings rate of 14.6% and 3.3% of capital depreciates every year. What is this country's steadystate 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 typicalweaver 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 poweredloom still needs a worker to operate it, earning £16 per day, but also needs 22 pounds of coal topower it.At what price per pound of coal does the cost of producing fabric by power loom equal the cost ofproducing it by handloom?Round your final answer to two decimal places.3

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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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer both questions they pertain to eachother points that are essential for my course. Thank you will give a thumbs up :)

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

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