## Order the answer to: Prove each of the following…

Question | Prove each of the following statements about the steady state with population growth and technological progress. a. The capital–output ratio is constant. b. Capital and labour each earn a constant share of an economy’s income. [Hint: Recall the definition MPK = f(k + 1) ? f(k).] c. Total capital income and total labour income both grow at the rate of population growth plus the rate of technological progress, n + g. d. The real rental price of capital is constant, and the real wage grows at the rate of technological progress g. |
---|---|

Subject | business-economics |

** Have a writer answer this question by clicking below. If you have any questions you can contact us via live chat.**