Economy R has a per-worker production function of 30√k (30 times the square root of k). Note that the MPK for this production function can be written a variety of ways, 15k among them. Capital depreciates at a steady rate, at a rate of 10% per year. Citizens consume 80% of their income, saving the rest. This economy has no population growth or increases in technology or human capital over time. Below is the table for Economy R: k 6400 Y a с b i C Sk d Ak e Enter the value for Cell d. Enter only numbers, a decimal point, and/or a negative sign in your answer. Round your answer to two decimal places as needed.
Economy R has a per-worker production function of 30√k (30 times the square root of k). Note that the MPK for this production function can be written a variety of ways, 15k among them. Capital depreciates at a steady rate, at a rate of 10% per year. Citizens consume 80% of their income, saving the rest. This economy has no population growth or increases in technology or human capital over time. Below is the table for Economy R: k 6400 Y a с b i C Sk d Ak e Enter the value for Cell d. Enter only numbers, a decimal point, and/or a negative sign in your answer. Round your answer to two decimal places as needed.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section17.1: Economic Growth Around The World
Problem 1QQ
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