Suppose That Rather Than the Cobb-Douglas Production Function Being Given $Y _ { t } = \bar { A } K _ { t } ^ { 1 / 3 } \bar { L } ^ { 2 / 3 }$

Essay

Suppose that rather than the Cobb-Douglas production function being given as $Y _ { t } = \bar { A } K _ { t } ^ { 1 / 3 } \bar { L } ^ { 2 / 3 }$ , it is given by $Y _ { t } = \bar { A } K _ { t } ^ { a } \bar { L } ^ { 1 - a } , a < 1$
. Find the steady-state level of capital and output in the Solow model.