What is the per-worker production function

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Reference no: EM13190067

Consider an economy described by the production function: Y=f(K,L)=K^(.3)L^(.7)

a. What is the per-worker production function?
b. Assuming no population growth or technological progress, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.
c. Assume that the depreciation rate is 10 percent per year. Make a table showing steady- state capital per worker, output per worker, and consumption per worker for saving rates of 0 percent, 10 percent, 20 percent, 30 percent and 40 percent. What
saving rate maximizes output per worker? What saving rate maximizes consumption per worker?

Reference no: EM13190067

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