An economy has the per worker production function y = 3k1/2where y is output per worker and k is the capital-labor ratio. the depreciation rate is 0.1, and the population growth rate is 0.05. the saving rate is 0.3.a. what are the steady-state values of y, k and c (consumption per worker)? b. repeat part a for a saving rate of 0.4 instead of 0.3.c. repeat part a. for a population growth rate of 0.08 (with s = 0.3).d. what is the golden rule level of k? what saving rate is needed to achieve it? e. repeat part a. for a production function y = 4k1/2. assume that the saving rate and population growth rate are at their original values. what saving rate is needed to achieve the golden rule level of k now?

answer:

in the steady state, capital per worker is constant, so output per worker is constant. thus, the growth rate of steady-state output per worker is 0. b. what is the steady-state growth rate of total output in alpha?

explanation:

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of the three mortgage options that demarco and tanya have to choose from, the balloon payment mortgage would be their best option, over adjustable payment and fixed payment plans.ultimately, the balloon payment plan would save demarco and tanya overall, in interest, would cost less monthly, and they would only have to make these payments for 8 years, opposing to 30 years for adjustable or fixed payment plans. 

overall, demarco and tanya would save $80,811 if they chose balloon payments over fixed payments, and would save $116,711 if they choose balloon payments over adjustable payments. benefits with choosing fixed payments over adjustable payments is that, in the end, the payments will still be $836.30 a month, while with adjustable payments, the initial monthly payments will be $763.38 to $1082.70 a month, ultimately leading to a more costly purchase. benefits with choosing fixed payments over balloon payments are not present. benefits in choosing adjustable payments over is that it has a lower interest rate, and starts with lower monthly payments initially. benefits in choosing adjustable payments over balloon payments include a lower interest rate, and lower initial monthly payments. benefits in choosing balloon payments over fixed payments include lower interest rates, lower overall price, lower monthly payments, takes less time to pay off, and does not require a downpayment. benefits in choosing balloon payments over adjustable payments include, lower monthly payments (when averaged), takes less time to pay off, and lower overall price.

hence, option c, balloon payments, is the best option for demarco and tanya to make this purchase, for it will save them a minimum of $80811, and a maximum of $116,711.