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Suppose that an economy's production function is Y=√K √AN, where K is capital, N is labor, A is the state of technology,
Posted: Sun Jul 03, 2022 6:56 am
by answerhappygod
- Suppose That An Economy S Production Function Is Y K An Where K Is Capital N Is Labor A Is The State Of Technology 1 (72.88 KiB) Viewed 11 times
Suppose that an economy's production function is Y=√K √AN, where K is capital, N is labor, A is the state of technology, and AN denotes the amount of effective labor in the economy. Suppose that the saving rate, s, is equal to 15%, and that the rate of depreciation, 8, is equal to 8%. Suppose further that the number of workers, gn, grows at 4% per year and that the rate of technological progress, gÃ, is 2% per year. Given the values of the economy, compute the following: The steady-state value of the capital stock per effective worker is (Round your response to two decimal places.)