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Question1 1. (40 pts) Consider the following Romer model of economic growth: Y, = A,Lyt AA, = ZA,L, a. If Ao = 1000, 1 =

Question1
1. (40 pts) Consider the following Romer model of economic growth: Y, = A,Lyt AA, = ZA,L, a. If Ao = 1000, 1 = 0.2, Z =- 1 L = 10000 what is the growth rate of 8000 knowledge in this economy? b. Using the information from year 1, what is the level of per capita output in this economy in year 5? c. Describe graphically the effect of lower research share (I) on GDP per capita

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