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How much higher will per capita gdp be

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GDP in an economy is growing at 3% a year in real terms. Population is constant. The government decides to allow a signi?cant increase in immigration so that the population (and the workforce) start to grow by 1% a year. Output is produced in the economy accord- ing to a Cobb-Douglas production function. The share of labor income in GDP is 70%. How much higher will GDP be as a result of the new immigration policy after 20 years? How much higher will per capita GDP be?

Reference no: EM13887664

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