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The production function is Y=(K,L)=K^1/3 L^2/3. The per capita production function is y=k^1/3. The law of motion is k = 0.25*k^1/3 - 0.01*k. The steady
The production function is Y=(K,L)=K^1/3 L^2/3. The per capita production function is y=k^1/3. The law of motion is k = 0.25*k^1/3 - 0.01*k. The steady state of level of capital is k=125. Solve for per capita output, consumption, and investment in the steady state
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