Question: Consider Solow growth model provided with an aggregate production given as Y = K1/3L2/3, with population growth rate of 2%, technological advancement rate of

Consider Solow growth model provided with an aggregate production given as Y

Consider Solow growth model provided with an aggregate production given as Y = K1/3L2/3, with population growth rate of 2%, technological advancement rate of 1% and depreciation rate given as 2%. Also it is provided that marginal propensity to consume in the economy is 0.8. ? What is the long run equilibrium level of output/labor? 1.99 8

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