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g) Using a well-labeled diagram of the Solow growth model, show the steady state of an economy with growth in population and technology. Identify on
g) Using a well-labeled diagram of the Solow growth model, show the steady state of an economy with growth in population and technology. Identify on your diagram the steady state levels of capital, income, investment and consumption person. Write down the steady state condition that determines the steady state level of capital per person. h) Using a well-labeled diagram of the Solow growth model, show the steady state of an economy with growth in population and technology. Identify on your diagram the steady state levels of capital, income, investment and consumption person. Write down the golden rule condition in this economy that determines the Golden Rule steady state level of capital per person in this economy. i) How does consumption compare in part g to part h? Is one higher or lower than the other? Explain. j) Based on the results of the Solow growth model, explain three long run policies the government in a developing economy could implement to increase growth in the standard of living (income per person) in that country
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