Question

1. The production function above expresses output as a function of capital and labor (workers). Derive a function that expresses output per worker as a function of capital per worker (i.e. find yt = f(kt)). 2. Write down the capital accumulation equation in terms of capital per worker (i.e. an equation with only kt+1, kt , δ, and s. 3. Solve for the steady state level of capital per worker as a function of δ and s. 4. Solve for the steady state level of output per worker as a function of δ and s. 5. What is the steady state growth rate of output per worker? 6. What is the steady state growth rate of output?

Answer 1

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