1 answer

5. Draw a well-labeled graph that illustrates the steady state of the Solow model with population...

Question:

5. Draw a well-labeled graph that illustrates the steady state of the Solow model with population growth. Use the graph to fi
d. A one-time, permanent improvement in tech- nology increases the amount of output that can be produced from any given amoun
5. Draw a well-labeled graph that illustrates the steady state of the Solow model with population growth. Use the graph to find what happens to steady-state capital per worker and income per worker in response to each of the following exogenous changes. a. A change in consumer preferences increases the saving rate. b. A change in weather patterns increases the depreciation rate. c. Better birth-control methods reduce the rate of population growth
d. A one-time, permanent improvement in tech- nology increases the amount of output that can be produced from any given amount of capital and labor.

Answers

Answer: (A) saving rate :/ A change in consumer preferences increases the Solow model Diagram: • An in crease in savings rate↑ Capital, output f(kit) - (S2+0) K - (stnk 3. f(k) kat < k* per worker - Capital reduce the rate of Better Birth control meta A one time permanent improvement in technology increases the amount of ole that can be produced from any given amount of ca

.

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