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Part A (1 point) : In your own words, what is the meaning of both of these equations? Be sure to discuss all of the

Part A (1 point): In your own words, what is the meaning of both of these equations? Be sure to discuss all of the components on both sides of each equation.

Part B (1 point): Given the following changes, how does steady state output per capita change? Why?

Increase in the savings rate:

Increase in technology:

Increase in the population growth rate:

Decrease in the rate of depreciation:

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