Problem
Suppose total population is 100 million and 25% is devoted to the production of research and development. Using the simplified version of the Romer model outlined in the chapter, calculate the following:
a) Change in technology , if x = 0.0005 and At = 20
b) The growth rate of technology
c) The per-person output growth rate 10. Consider the world economy and comment on the effect of the Industrial Revolution on the world growth rate of output per person according to the assumptions of the Romer model.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.