Consider the Ramsey growth model with utility function
![2100_778203fc-7c70-40da-a831-9294658fed7f.png](https://secure.tutorsglobe.com/CMSImages/2100_778203fc-7c70-40da-a831-9294658fed7f.png)
Assume there are no taxes.
a. Derive the conditions describing a steady state.
b. Solve these conditions to obtain the steady-state values of C, K, and L. c. What is the effect on the steady state of an increase in b?