3. (a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly and clearly explain what this number 0.43 tells us. O TFP refers to Total Factor Productivity of a nation, and it measures how effective is an economy by applying all factors of production. At the given question, the 0.43 TFP for Brazil refers to the quantity produced using 100% of inputs. (b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā) using the production model we studied (round to the 2nd decimal place). y=Ak1/3 0.30= A*(0.18)¹3 A= 3.33333 A=3.33
3. (a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly and clearly explain what this number 0.43 tells us. O TFP refers to Total Factor Productivity of a nation, and it measures how effective is an economy by applying all factors of production. At the given question, the 0.43 TFP for Brazil refers to the quantity produced using 100% of inputs. (b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā) using the production model we studied (round to the 2nd decimal place). y=Ak1/3 0.30= A*(0.18)¹3 A= 3.33333 A=3.33
3. (a) We saw in Chapter 4 that the TFP for Brazil is about 0.43 (=43%). Briefly and clearly explain what this number 0.43 tells us. O TFP refers to Total Factor Productivity of a nation, and it measures how effective is an economy by applying all factors of production. At the given question, the 0.43 TFP for Brazil refers to the quantity produced using 100% of inputs. (b) Relative to the USA, Argentina's y = 0.30 and k = 0.18. Calculate its TFP (Ā) using the production model we studied (round to the 2nd decimal place). y=Ak1/3 0.30= A*(0.18)¹3 A= 3.33333 A=3.33
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