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Solve it plz QUESTION 3 Consider the following Cobb Douglas production function: Y: Kl'r'L-l'. The rate of depreciation in the economy is 4% and the

Solve it plz

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QUESTION 3 Consider the following Cobb Douglas production function: Y: Kl'r'L-l'\". The rate of depreciation in the economy is 4% and the marginal propensity to save (trips) is 25%. Any output that is not saved is consumed and this is a closed economy. Population growth rate is zero. a. Calculate the steady state capital per worker and output per worker. Show your steps. b. Continue with the same data with the exception that m is unknown. Solve for the rate of investment which will ensure golden rule of consumption per capita as covered in posted lectures for Chapter 3. Show all the steps covered in the discussion for the practice problem clearly to avoid grade penalty. c. Continue with the same data above but introduce the following change. The rate of depreciation changes to 5% for capital per worker greater than or equal to 50. For k

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