A Country Has the Per-Worker Production Function

question 21

Essay

A country has the per-worker production function
y_t = 5 ,
where y_t is output per worker and k_t is the capital-labor ratio.The depreciation rate is 0.2 and the population growth rate is 0.05.The saving function is
S_t = 0.2Y_t,
where S_t is total national saving and Y_t is total output.
(a)What is the steady-state value of the capital-labor ratio?
(b)What is the steady-state value of output per worker?
(c)What is the steady-state value of consumption per worker?

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