Suppose total population is 100 million and 25% is devoted to the production of research and development.
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Suppose total population is 100 million and 25% is devoted to the production of research and development. Using the simplified version of the Romer model outlined in the chapter, calculate the following:
a) The change in technology (ΔAt), if χ = 0.0005 and At = 20
b) The growth rate of technology
c) The per-person output growth rate
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