Economy R has a per-worker production function of 30√k (30 times the square root of k). Note that the MPK for this production function can be written a variety of ways, 15k among them. Capital depreciates at a steady rate, at a rate of 10% per year. Citizens consume 80% of their income, saving the rest. This economy has no population growth or increases in technology or human capital over time. Below is the table for Economy R: k 6400 Y a с b i C Sk d Ak e Enter the value for Cell d. Enter only numbers, a decimal point, and/or a negative sign in your answer. Round your answer to two decimal places as needed.

Economy R has a per-worker production function of 30√k (30 times the square root of k). Note that the MPK for this production function can be written a variety of ways, 15k among them. Capital depreciates at a steady rate, at a rate of 10% per year. Citizens consume 80% of their income, saving the rest. This economy has no population growth or increases in technology or human capital over time. Below is the table for Economy R: k 6400 Y a с b i C Sk d Ak e Enter the value for Cell d. Enter only numbers, a decimal point, and/or a negative sign in your answer. Round your answer to two decimal places as needed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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