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Consider the Economic Growth Model with constant returns to scale (for K and N). The production function is f ( K, N) = Y =
Consider the Economic Growth Model with constant returns to scale (for K and N). The production function is f ( K, N) = Y = KO(AN)0.6, Where Y = output units, K = capital units, and AN = effective workers. The saving rate in this economy is 20%, the depreciation rate is 10%, workers grow at rate 3%, and technology grows at rate 4%
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