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Consider an economy described by the production function Y=F(K,L)=K .25 L .75 a)What is the per-worker production function b)Assuming no population growth or technological progress,
Consider an economy described by the production function Y=F(K,L)=K.25L.75
a)What is the per-worker production function
b)Assuming no population growth or technological progress, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.
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