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With the assumption that A=1, and the share of labor in the national income is 1/2. Also K=120 million dollars and L= 10 million units and saving rate = 35% and the depreciation rate is 10%.
1. How many periods it will take this economy to reach the steady state?
2. What is the value of real GDP/worker at that state?
3. What is the level of consumption at that state?
4. What do you think happend to the standard of living in that economy? Why?
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