Give me corerct answer with full explanation and calculation otherwise i give down voteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years.YearYKN19703460440075198051966000104199071237600119200010,04410,400139201011,60611,600152202014,96113,500173Assume that the production function is Y=AKO.3 NO.7 Calculate the growth rate of total factor productivity in each decade.Between 1970 and 1980, U.S. total factor productivity grew by %. (Enter your answer as a percentage rounded to one decimal place.)

The real GDP, labor and capital for the economy is various year is given as…

Answered: Calculate the growth rate of total…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Give me corerct answer with full explanation and calculation otherwise i give down vote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years.
Year
Y
K
N
1970
3460
4400
75
1980
5196
6000
104
1990
7123
7600
119
2000
10,044
10,400
139
2010
11,606
11,600
152
2020
14,961
13,500
173
Assume that the production function is Y=AKO.3 NO.7

Calculate the growth rate of total factor productivity in each decade.
Between 1970 and 1980, U.S. total factor productivity grew by %. (Enter your answer as a percentage rounded to one decimal place.)

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