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6. a. DERIVE the LR eqm or steady-state (SS) values of Y/NA and K/NA if the production function is
Y=K6/7 (AN)1/7. Does this production function exhibit the characteristics it should? Explain and show these traits mathematically. Graph the LR eqm or SS in the appropriate space.
b. Use the production function above to provide the growth rates of the following variables in the SS (aka Balanced Growth) and explain fully by providing the appropriate equation or mathematical rationale: output per worker or Y/N; Y; Y/NA; K per effective worker, and K per worker or K/N.
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