Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 29 Nov 2017 My Price 3.00

value of output

Consider a closed economy in which the population grows at the rate of 1% per year. The per-worker production function is y = 6√k, where y is output per worker and k is capital per worker. The depreciation rate of capital is 14% per year.

a. Households consume 90% of income and save the remaining 10% of income. There is no government. What are the steady-state values of capital per worker, output per worker, consumption per worker, and investment per worker?

b. Suppose that the country wants to increase its steady-state value of output per worker. What steady-state value of the capital–labor ratio is needed to double the steady-state value of output per capita? What fraction of income would households have to save to achieve a steady-state level of output per worker that is twice as high as in Part (a)?

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Nov 2017 06:11 PM My Price 3.00

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