Question
Take into consideration the following economy of Crazyville. Please show work fully: Calculate the growth rate of real GDP in the steady-state using the following
Take into consideration the following economy of Crazyville. Please show work fully: Calculate the growth rate of real GDP in the steady-state using the following parameters.
Y= AK^0.25 L^.75
- Technology = 5,
- Population growth = 10%,
- Saving rate = 30%,
- Depreciation rate = 2%.
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Principles Of Macroeconomics
Authors: Karl E. Case,Ray C. Fair , Sharon E. Oster
13th Global Edition
1292303824, 978-1292303826
