Assume our typical cobb-douglas production function

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Assume our typical Cobb-Douglas production function, in per capita terms,y=Ak^(1/3).Also assume capital accumulates such that change in kt+1=Sy-dk. What is the solution of the Solow model for consumption per person in the steady state, c*=C*/L*? How does each parameter in the solution affect c*, and why?

Reference no: EM131166492

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Assume our typical cobb-douglas production function : Assume our typical Cobb-Douglas production function, in per capita terms,y=Ak^(1/3).Also assume capital accumulates such that change in kt+1=Sy-dk. What is the solution of the Solow model for consumption per person in the steady state, c*=C*/L*? How ..

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