Question;Assume production is described by Y = BK????X?E?L1-????-?-?, where K is capital, X is land, and E is energy. Capital evolves according to a typical Solow model, K? = sY-?K. Land does not grow, X? = 0. Energy evolves according to E = sER0e-sEt, meaning that energy use is steadily declining over time. Population evolves according to L/L? = n. Solve for the steady state growth rate of output per worker?
Paper#57219 | Written in 18-Jul-2015Price : $19