Use the Solow model below to answer the question.Y = Af (K, H)dkY ₂syY₁K₂K3KK₁₁Suppose that Y₁ is 2,171, Y₂ is 5,768, and Y3 is 10,995. The savings rate for this economy is 12%and the depreciation rate is 8.9%.If this economy is currently at a GDP of 2,171, what is the smallest amount of foreign aid whichwould move the economy up to a GDP of 10,995?Assume that all foreign aid becomes investment. Round your final answer to two decimal places. Why was Land Use Reform a successful policy in several Asian countries in promoting economicgrowth?By reallocating farmland for use in manufacturing, industrialization was incentivized.By making public land available for farming, peasant farmers could rotate crops more easily.scounBy taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive toimprove their yields.By making all farmland publicly owned, farmers could collectively work to maximize their yields.

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Use the Solow model below to answer the question. Y3 Y₂ K₁ K₂ K3 Y = Af (K,H) dk SY K

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Question

Why was Land Use Reform a successful policy in several Asian countries in promoting economic
growth?
By reallocating farmland for use in manufacturing, industrialization was incentivized.
By making public land available for farming, peasant farmers could rotate crops more easily.
scoun
By taking farmland away from landlords and giving it to peasant farmers, those farmers had an incentive to
improve their yields.
By making all farmland publicly owned, farmers could collectively work to maximize their yields.

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