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Hi. Kindly show each step 1. Country A and country B both have the production function Y=F(K,L)= K3/1017/10 a. Does this production function have constant

Hi. Kindly show each step

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1. Country A and country B both have the production function Y=F(K,L)= K3/1017/10 a. Does this production function have constant returns to scale? Explain- b. What is the per-worker production function, y=f(k)?+ c. Assume neither country experiences population growth or technological progress and that 5% of capital depreciates each year. Assume further that country A saves 10% of output each year and country B saves 20% of output each year. Using your answer from part (b) and the steady- state condition that investment equals depreciation, find the steady state level of capital per worker for each country. Then find the steady state levels of income (aka output) per worker and consumption per worker.-Assume that the production function of your country at period t is given by Y(t) = A(t)K(t)"L(t)1-", where a = 0.3, Y is output, K is capital, L is labor, and A is the technological level of the country. Assume for now that A(t) = 1 in any period. Also assume that the depreciation rate of capital is o =0.01. 1. Write the production function in per capita terms. 2. Write the main equation of the Solow model (in per capita terms) using this production function.Consider a simplified version of the Solow model discussed in clare with no depreciation of the capital stock (Le. 8 - (). Assume that the production function is given by: Y (t) = A (t ) F (K (t ) , L (t )). Since this specification implies that A (t) affects both capital and la- bor symmetrically, this case is typically referred to as one of "neutral technological change" as opposed to the case of "labor-augmenting technological change" considered in class. Furthermore, assume that function F (.) is Cobb-Douglas: F (K, L) = KLI-, where 0

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