Start by graphing the U.S. steady-state capitallabor ratio and labeling it k₁₉₀₀ (draw only the investment and the depreciation and capital dilution curves).

a) On the same graph, show the effects of the

■ The massive immigration wave of the early 1900s 

■ The increase in productivity derived from new technologies that occurred at the same time

b) Find the new steady-state capital-labor ratio considering that output per worker in the United States grew at a positive rate between 1900 and 1910, and label it k^ss₁₉₁₀.