An economy has the production function y a k03 l07 where a, Microeconomics

An economy has the production function y a k03 l07 where a

Question: An economy has the production function Y = A (K^0.3) (L^0.7) where A = 1 and (L^0.7) = 10. The depreciation rate is 10% and the investment rate is 30% of output.

a. Compute the steady state level of capital.

b. Compute the steady state level of output.

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Microeconomics: An economy has the production function y a k03 l07 where a

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Microeconomics: An economy has the production function y a k03 l07 where a

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