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Solow Model. Given the production function Yt = AKt L 3 , if A = 2, L = 4, s = 0.2 and d =

Solow Model. Given the production function Yt = AKt L 3 , if A = 2, L = 4, s = 0.2 and d = 0.05.

(a) Calculate the steady state level of capital and output.

(b) Why might we be more concerned about per capita output rather than total output when discussing the standard of living impacts of economic growth?

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