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Please find the value of labor share of income and also the value of the capital share of income. Please show all the calculations in
Please find the value of labor share of income and also the value of the capital share of income. Please show all the calculations in detail. Thanks in advance.
US and Turkey have the same Cobb-Douglas production function, Y=K" (AL)-a Turkey US Depreciation rate 0.05 0.05 Technological progress 0.02 0.02 Saving rate 0.2 0.32 Population growth rate 0.03 0.01 For the ratio of steady-state income per effective worker in US to Turkey's being 16, what must be the value of labor share of income?
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To determine the labor share of income we need to use the CobbDouglas production function and the gi...
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Elements Of Chemical Reaction Engineering
Authors: H. Fogler
6th Edition
013548622X, 978-0135486221
