Question
Question 1.1Consider the Cobb-Douglas production function from class:Yt=F(Kt,Lt)=At Kt^1/3Lt^2/3. If capital grows at 3% per year, population by 1% per year, and technological progress measured
Question 1.1Consider the Cobb-Douglas production function from class:Yt=F(Kt,Lt)=At Kt^1/3Lt^2/3.
If capital grows at 3% per year, population by 1% per year, and technological progress measured by TFP by 1% per year, what is the annual growth rate of GDP? What is the annual growth rate of GDP per capita?
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Water Pollution Economics Aspects And Research Needs
Authors: Allen V Kneese
1st Edition
1317387554, 9781317387558
