Business, 29.04.2021 01:20 Penguin1502
An economy produces with the production function Y = 10K1/2L 1/2 . There is no population growth or technological progress. The depreciation rate is 10% and the saving rate is 60% a. Show that the production function is constant returns to scale. b. Show that the function can be written y = 10k 1/2 where y = Y L and k = K L c. Assume kt = 3025. Find kt+1, kt+2, and kt+3 d. Now assume kt = 4225. Again find kt+1, kt+2, and kt+3
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An economy produces with the production function Y = 10K1/2L 1/2 . There is no population growth or...
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