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The production function in an economy is given by the following cob douglas Y = (K power0.4)( L power 0.6) where Y is output level,

The production function in an economy is given by the following cob douglas

Y = (K power0.4)( L power 0.6)

where Y is output level, K is capital input, and L is labour input. The saving rate is 24%, the annual population growth rate is 4%, and annual depreciation rate is 2%.

a. Show that the production function in this economy is neoclassical.

b. Determine the steady-state values for per capita capital stock, per capita output level, and per capita consumption level for this

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