An economy has a Cobb-Douglas production function: Y = K (LE)¹-a The economy has a capital share of 0.35, a saving rate

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An Economy Has A Cobb Douglas Production Function Y K Le A The Economy Has A Capital Share Of 0 35 A Saving Rate 1 (35.5 KiB) Viewed 21 times

An economy has a Cobb-Douglas production function: Y = K (LE)¹-a The economy has a capital share of 0.35, a saving rate of 44 percent, a depreciation rate of 3.25 percent, a rate of population growth of 3.00 percent, and a rate of labor-augmenting technological change of 3.0 percent. It is in steady state. a. At what rates do total output and output per worker grow? Total output growth rate: Output per effective worker Stacked declines in the steady state. is constant in the steady state and does not change. increases in the steady state. Output per worker growth rate: 28