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Its production function is 2 times the square root of k (the same as 2k 1/2) and its depreciation rate is 3 percent. Its population
Its production function is 2 times the square root of k (the same as 2k 1/2) and its depreciation rate is 3 percent. Its population grows at a rate of 4 percent per year, and technology is advancing at a rate of 1 percent annually. Its residents consume 90% of each additional dollar of income. Find the economy's steady state level of capital (k'), carefully following all numeric Instructions
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