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QUESTION 2 Given a production function Y, = A, K./4 3/4 LY, and assuming A = 2, Z = 4, 5 = 0.2, and d = 0.05: (a) First set up the steady state before plugging in the values given for A, L, s and d (in other words, just use these letter notations for now) (b) Now, using the given parameter values, calculate the steady-state level of capital and output. You must show your work. (c) Does the above production function exhibit constant returns to scale? Explain your answer and demonstrate what happens when you double both K and L at the same time (hint: plug in 2K for K and 2L for L...what happens to Y?) Attach File Browse My Computer Browse Content Collection