Question
2a. Write out the Solow model's per-person production function. 2b. Based on this equation, what two factors determine a country's standard of living according to
2a. Write out the Solow model's per-person production function. 2b. Based on this equation, what two factors determine a country's standard of living according to the Solow model? 2c. Based on our discussion in class, what other factors has the economic research on growth identified as important determinants of growth? 2d. Which of the following are endogenous in the Solow model, and which are exogenous: output per person, saving per person, capital per person, total factor productivity, the population growth rate, and the depreciation rate? Explain.
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