Suppose that the economy's production function is given by Y=√K√N, where Y is output, K is capital, and N is the number of workers. The steady-state level of capital per worker in terms of the saving rate, s, and the depreciation rate, 8, is KIN= (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the character.) The steady-state level of output per worker in terms of the saving rate, s, and the depreciation rate, 8, is YIN = (Properly format your expression using the tools in the palette.) Suppose that the saving rate, s, is initially 15% per year (0.15), and the depreciation rate, 8, is 7.5 % (0.075). The steady-state capital stock per worker = (Enter your response as an integer.)
Suppose that the economy's production function is given by Y=√K√N, where Y is output, K is capital, and N is the number of workers. The steady-state level of capital per worker in terms of the saving rate, s, and the depreciation rate, 8, is KIN= (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the character.) The steady-state level of output per worker in terms of the saving rate, s, and the depreciation rate, 8, is YIN = (Properly format your expression using the tools in the palette.) Suppose that the saving rate, s, is initially 15% per year (0.15), and the depreciation rate, 8, is 7.5 % (0.075). The steady-state capital stock per worker = (Enter your response as an integer.)
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.2P
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