Question: Define relevant costs and discuss: (1) whether all future costs are relevant for decision making and (2) whether variable costs are always relevant and fixed

Define relevant costs and discuss: (1) whether all future costs are relevant for decision making and (2) whether variable costs are always relevant and fixed costs are always irrelevant

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=+growth. Use the graph to fi nd what happens to steady-state capital per worker and income per worker in response to each of the following exogenous changes.

=+ d. (Harder) Use calculus to fi nd the marginal product of capital. Add to your table from part (c) the marginal product of capital net of depreciation for each of the saving rates. What

=+stock per worker, output per worker, and consumption per worker as a function of the saving rate and the depreciation rate.