6. A country has the following per-worker production function yt = 6kt 2/3. where yt is output...

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6. A country has the following per-worker production function yt = 6kt 2/3.

where yt is output per worker and kt is the capitallabor ratio. The depreciation rate is 0.1 and the population growth rate is 0.1. The saving function is St = 0.1Yt, where St is total national saving and Yt is total output.

a. What is the steady-state value of capital–labor ratio?

b. What is the steady-state value of output per worker?

c. What is the steady-state value of consumption per worker?

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Macroeconomics Global Edition

ISBN: 978-1292318615

10th Edition

Authors: Andrew Abel ,Ben Bernanke ,Dean Croushore

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Question Posted: Nov 14, 2024 06:00 AM

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6. A country has the following per-worker production function yt = 6kt 2/3. where yt is output...

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Macroeconomics Global Edition

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