An economy with population growth n and technological progress g is on the balanced growth path. It experiences a nasty natural disaster. A hurricane destroys 50% of the economy's population and 75% of its capital stock. Show the path of the following variables (Note: your answer should consist of a graph of a variable on the vertical axis, and time on the horizontal):
(a)Capital and production per effective worker (k and y)
(b)Capital and Output per worker
(c)Capital stock K and Output Y
Capital and production per effective worker will be calculated as follows;
The number of destroyed population = 50%
Destroyed capital stock = 75%
Assuming the total population is...
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