Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Economics Posted 21 Jul 2017 My Price 4.00

steady-state level

8. Continuing with the logic from Problem 7, suppose that the econ- omy’s production function is given by Y = K1>3 N2>3 and that both the saving rate, s, and the depreciation rate, d, are equal to 0.10.

a.    What is the steady-state level of capital per worker?

b.   What is the steady-state level of output per worker?

Suppose that the economy is in steady state and that, in period t, the depreciation rate increases permanentlyfrom 0.10 to 0.20.

c.    What will be the new steady-state levels of capital per worker and output per worker?

d.    Compute the path of capital per worker and output per worker over the first three periods after the change in the depreciation rate.

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Maurice Tutor
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Status NEW Posted 21 Jul 2017 10:07 PM My Price 4.00

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