Consider the following Romer model of economic growth: Y, - A,L Aa, = ZA,L, Ly + Ly = I (a) If 3,000° Ao = 100,7 - .10 and Z = 1,000, what is the growth rate of knowledge in this economy? (b) What is the growth rate of per capita output in this economy? (c) Using the information from year 1, what is the level of per capita output in this economy in year 5?
Consider the following Romer model of economic growth: Y, - A,L Aa, = ZA,L, Ly + Ly = I (a) If 3,000° Ao = 100,7 - .10 and Z = 1,000, what is the growth rate of knowledge in this economy? (b) What is the growth rate of per capita output in this economy? (c) Using the information from year 1, what is the level of per capita output in this economy in year 5?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 23E
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