Explain how much labor and capital did it start

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A harrod-domar economy has been in balanced (i.e., steady state) growth, with full employment of both labor and capital, for the last 10 periods. Its production function is F(L,K)=min(3L,4K) and its marginal propensity to consume is 3/4. If its GNPin period10 is 2,048, how much labor and capital did it start with in period0?

Reference no: EM1353156

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