Exercise 13.5. Consider the expanding variety model of Section 13.1 and denote the BGP growth rates of
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Exercise 13.5. Consider the expanding variety model of Section 13.1 and denote the BGP growth rates of consumption and total output by g∗ C and g∗. (1) Show that g∗ C > g∗ is not feasible. (2) Show that g∗ C < g∗ violates the transversality condition.
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