Technology grows at a rate of three percent in an economy in which ten percent of the workforce is engaged in research and development,where their productivity is 0.003.The economy is on a balanced growth path,and the workforce is growing at two percent.Calculate the growth rates of output,capital,and output per worker now,and five years from now.

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The Answer of Technology grows at a rate of three percent in an economy in which ten percent of the workforce is engaged in research and development,where their productivity is 0.003.The economy is on a balanced growth path,and the workforce is growing at two percent.Calculate the growth rates of output,capital,and output per worker now,and five years from now.

Technology Grows at a Rate of Three Percent in an Economy