An economy has reached its steady-state level of growth. At the steady-state, the economy is experiencing 13% growth rate of technology, gA; and 5% population growth rate, gN. At this steady-state, calculate the following:

The growth rate of output per effective worker

Just write down the number (5, 6, 7, etc.); no need for % sign.

The growth rate of output per worker

Just write down the number; no need for % sign.

The growth rate of output

Just write down the number; no need for % sign.

Suppose there is a technological shock to the economy so that growth rate of technology, gA, increases from 13% to 20%, taking the economy to a new steady-state.

Calculate the new growth rate of output per effective worker.

Just write down the number; no need for % sign.

The growth rate of output per worker

Just write down the number; no need for % sign.

The growth rate of output:

Just write down the number; no need for % sign