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2. Start by graphing the U.S. steady-state capital-labor ratio and labeling it k* 1900 (draw only the investment and the balanced investment curves). a) On
2. Start by graphing the U.S. steady-state capital-labor ratio and labeling it k* 1900 (draw only the investment and the balanced investment curves). a) On the same graph, show the effects of the following: The massive immigration wave of the early 1900s which resulted in increase in labor-force growth rate during that time. 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 k1910"
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