Suppose that a country's production function is Y = K1/2L1/2. If capital depreciates atthe rate of 8 percent, consumption per worker will first[[ Select ]v and then [ Select ]as the rateof savings increases from 0 to 100 percent. For this production function, the GoldenRule savings rate is equal to [ Select ]so the steady-statevalues are:capital per worker =[ Select ]%3Doutput per worker = [Select ]consumption per worker =[ Select ]assuming no population growth or technological change.In the steady state, if the labor force is equal to 640 workers, aggregate output isequal to[ Select ]. As long as the labor force is constant andthere is no technological change, aggregate output I Select ]change once the steady state is reached.>

The production function is, Y = K^(1/2)*L^(1/2) y = k^(1/2) y = f(k) where, y = Y/L = output per…

Answered: ings rate is equal to [ Select ] re: er…

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ings rate is equal to [ Select ] re: er worker = [ Select ] [ Select er worker = [ Select ]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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