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Macroland is at the Steady State. Due to population aging, a portion of Macroland's labour force retires. At the same time, owing to its aging
Macroland is at the Steady State. Due to population aging, a portion of Macroland's labour force retires. At the same time, owing to its aging population, the saving rate declines in this country.
Using the illustration of the Solow Growth Model, explain what happens to the Steady State values in Macroland.
Fully label your figure and provide short written explanations.
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