Specify the consumer maximization problem in this economy

Reference no: EM131135885

Consider the neoclassical growth model with physical and human capital discussed in Section 10.4.

(a) Specify the consumer maximization problem in this economy.

(b) Define a competitive equilibrium (specifying firm optimization and market clearing conditions).

(c) Characterize the competitive equilibrium, and show that it coincides with the solution to the optimal growth problem.

Reference no: EM131135885

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