A country that has the production function below, which depends on capital and labor. Describe per- capita production" y" as a function of the per-capita capital stock "k". Show the level of capital on the steady state (k*). Show that the steady state output per- capita (y) Y = 100K^(1)/(3) L^(2)/(3)

In the steady state, _____ consumption per worker is maximized. investment per worker exceeds depreciation per worker. the growth rate of output per worker equals zero. capital per worker grows.

In the Solow growth model, suppose that the per-worker production function is given by y = zk 0.4 with s = 0.15, d = 0.1, and n = 0.02. a. Suppose in country A that z= 1. Calculate the steady-state capital per worker and income per capita in country A. The steady-state capital per worker is (Round to two decimal places as needed.) The steady-state income per capita is. (Round to two decimal places as needed.) b. Suppose in country B that z = 2. Calculate the steady-state capital per worker and income per capita in country B. The steady-state capital per worker is|. (Round to two decimal places as needed.) The steady-state income per capita is (Round to two decimal places as needed.) c. As measured by GDP per capita, how much richer is country B than country A? What does this tell us about the potential differences in total factor productivity to explain differences in standards of living across countries? Country B is times richer than country A, as measured by GDP per capita. This…

If a country’s GDP grows by 10% per year, why isn’t the number of years it takes to double the GDP simply 100%/10% = 10 years?

Question 27 Consider countries A and B, with A having a higher population growth rate than B. According to the Solow-Swan model, output per person in A and output per person in B are the same in steady state. Answer True or False. Remember to include your explanation.

What must be the relationship between the rate of growth of technological change (g) and the population growth rate (L/L) for income per capita to continue to increase?

The productivity growth rates of poorer countries tend to be _____ than those of richer countries. Higher Lower increasing slower decreasing faster