2. Cross country comparisons of labor productivity. Show all work, LABEL carefully and NOTE UNITS.Real CapitalStock, K(in millions ofUS Dollars)Capital-Country(2019)LaborReal GDPTotalMPKproductivityFunctionper hourRatio, y(to 3decimals)laborLaborhours, L(millionsof hours)33,217.0Ratio, kArgentinaВ.3,399,148.5А.С.y =3.66k0.45SpainВ.11,733,525.030,649.9A.C.y =4.26k0.45Suppose that Argentina and Spain have the labor productivity functions, real capital stock, and total labor hoursgiven in the table above.A. Calculate the capital-labor ratio, k (round to 2 decimals).Argentina:Spain:B. Calculate real GDP per hour, y (round to 2 decimals).Argentina:Spain:C. Calculate the marginal product of capital, MPK (round to 3 decimals).Argentina:Spain:D. Graph the labor productivity functions for each country on the graph below. Include all relevant informationfrom A-C above, and label your graph carefully (need not be to scale).E. If the MPK for Argentina converges to the MPK for Spain, calculate the new level of k in Argentina. Explainwhether labor productivity and the capital-labor ratio will also converge.

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2. Cross country comparisons of labor productivity. Show all work, LABEL carefully and NOTE UNITS.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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