1 a country has the per-worker production, Cost Accounting

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1 a country has the per-worker production

1. A country has the per-worker production function y_t= 6 k_t ^0.5

where y_t is output per worker and k_t is the capital-labor ratio. The depreciation rate is 0.1 and the population growth rate is 0.1. The saving function is S_t = 0.1 Y_t,

where St is total national saving and Y_tis total output.

(a) What is the steady-state value of capital-labor ratio?

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Cost Accounting: 1 a country has the per-worker production

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