Question: 1. (35 points) Go to the FRED database (https://fred. stlouisfed. org/) and get an- nual data on capital stock for Canada (be careful, get data

1. (35 points) Go to the FRED database (https://fred. stlouisfed. org/) and get an- nual data on capital stock for Canada (be careful, get data in real terms!), hours worked (hint: combine persons engaged with average hours), and real output for 1950-2019. Assuming a Cobb-Douglas production function with a = 0.33, find and plot the Solow residual of the Canadian economy. Is there any patterns that catch your attention in that plot

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=+ At what rate does capital per person grow?

=+ Compare the marginal product at the Golden Rule steady state to the marginal product in the initial steady state. Explain.

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