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# 0.5 Suppose that an economy has the per-worker production function given as: Vt 4kt, where y...

## Question

###### 0.5 Suppose that an economy has the per-worker production function given as: Vt 4kt, where y...

0.5 Suppose that an economy has the per-worker production function given as: Vt 4kt, where y is output per worker and k is capital per worker In addition, national savings is given as: St0.20Y where S is national savings and Y is total output The depreciation rate is d 0.05 and the population growth rate is n 0.05 The steady-state value of the capital-labor ratio, k is 64.00 The steady-state value of output per worker, y is 32.00. The steady-state value of consumption per worker, c is 25.600. Use the same production function as before, but now let the savings rate be 0.30 rather than 0.20 St0.30Y, The depreciation rate is d 0.05 and the population growth rate is n 0.05. (Enter all responses as decimals rounded up to three places.) What is the new steady-state value of the capital-labor ratio, k?

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