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3. (15 points) In a neoclassical Solow growth model, suppose there is a decrease in the population growth rate a. (5p) Show graphically how this
3. (15 points) In a neoclassical Solow growth model, suppose there is a decrease in the population growth rate a. (5p) Show graphically how this affects the steady-state equilibrium levels of both output per capita and capital per capita. b. (5p) How does it affect the growth rate of both output and output per capita? c. (5p) Does the standard of living for this country increase or decrease? Explain
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