If the share of GDP used for capital goods is 0.3,the growth rate of productivity is 0.01, the growthrate of population is 0.04, the depreciation rate is0.05, the initial capital/output ratio is 0.53, and theelasticity of GDP with respect to capital is 0.1, thenwhat is the growth rate of the GDP per capita? Usethree decimal places.Please show worked solution, thank you very much

Share of GDP = ∆k = 0.3 Growth rate of productivity = ∆A = 0.01 Growth rate of Population = ∆P =…

Answered: If the share of GDP used for capital…

Exploring Economics

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ISBN:9781544336329

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Chapter20: Economic Growth In The Global Economy

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