Output Per Worker

question 79

Essay

Output per worker
= 4
^1/3,the saving rate is 30 percent,and the depreciation rate is 0.133.Calculate the steady-state values of capital per worker and consumption per worker.

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Definitions:

Margin Of Error

An expression of the maximum expected difference between the true population parameter and a sample estimate of that parameter.

T-Distribution

A probability distribution that arises in the sampling distribution of the sample mean, especially when the sample size is small and the population variance is unknown.

Confidence Interval

A range of values, derived from sample data, that is believed to contain the true population parameter with a certain level of confidence.

Population Mean

The average value of a population set, calculated by summing all the members of the population and then dividing by the total number of members.