Consumption Per Worker Is 72,depreciation Is 12

question 72

Essay

Consumption per worker is 72,depreciation is 12.5%,and capital per worker is 64.Given the production function y = 20 ,show that this economy is in a steady state.If the saving rate should double,what is the new steady-state level of consumption per worker?

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Definitions:

Quinces

A fruit related to apples and pears, with a yellow exterior and hard flesh, often used in cooking and making preserves.

Kumquats

Small, orange-colored, and edible citrus fruits with a sweet outer peel and tart inner flesh, commonly eaten whole or used in marmalades and jellies.

Kumquats

Small, edible, orange-like fruits that can be eaten whole, including the peel, known for their sweet rind and sour flesh.

Quinces

A type of fruit related to apples and pears, known for its bright yellow color and unique flavor, often used in jams, jellies, and baking.