Consider the solow growth model with the production function

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Consider the Solow growth model with the production function Y=F(K,L)=KL/K+L . a. Find the production function in terms of capital per labor. b. What is Solow’s equation for the evolution of the capital/labor ratio? c. If capital depreciation rate is 0.02 and saving rate is 0.1, describe the steady state of the economy for capital, output and consumption.

Reference no: EM13982037

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