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An economy has a production given by Y = K^0.25*N^0.75.
a. What king of returns to scale does the production function represent?
b. Find an expression for outpur per worker
c. What are the shares of labor and capital in the total output
d. Find and expression for capital per worker at the steady state
e. Solve for the steady-state output per worker when d = 0.08 and the savings rate = 0.25
f. plot the steady state capital per worker as the savings rate goes from 0.05 to 0.50 in 0.05 increments.
g. plot the growth rate of capital per worker for part e above
Y C I G X AE S MPC MPS S IM MPI 100 120 20 30 10 180 -20 If government spending increases by $15, what is the new equilibrium level of real GDP 2. What are the equations for the consumption, net exports, and aggregate expenditures ..
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