Show transcribed image texta. In the steady state, capital per worker, output per worker, and consumption per worker are all equal to 8. b. In the steady state, with a saving rate of 0.25, capital per worker is 10, output per worker is 12.5, and consumption per worker is 10. c…View the full answerTranscribed image text: An economy has the per-worker production function y=Akα where y is output per worker and k is capital per worker; A=8 and α=1/3. Capital accumulation follows: k˙=sy−(n δ)k The saving rate s is 0.15, the depreciation rate δ is 0.04, and the population growth rate n is 0.01. a. What are the steady state values of capital per worker, output per worker, and consumption per worker? b. Repeat Part (a) for a saving rate of 0.25 instead of 0.15. c. Repeat Part (a) for a population growth rate of 0.02 (with a saving rate of 0.15 ). d. Repeat Part (a) for a production function of y=12k1/3 (with a saving rate of 0.15 and population growth rate of 0.01 )
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