If the share of GDP used for capital goods is 0.3,the growth rate of productivity is 0.01, the growthrate of population is 0.04, the depreciation rate is0.05, the initial capital/output ratio is 0.53, and theelasticity of GDP with respect to capital is 0.1, thenwhat is the growth rate of the GDP per capita? Usethree decimal places.Please show worked solution, thank you very much

Share of GDP = ∆k = 0.3 Growth rate of productivity = ∆A = 0.01 Growth rate of Population = ∆P =…

Answered: If the share of GDP used for capital…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please answer all the questions below and give a detailed solution. Please double-check before submitting the answer.Fill In The Blank Options Left to Right Top to Bottom:a decrease or an increasea decrease or an increase
How quickly does GDP need to grow in order to provide for population growth?
Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36 years. How much larger (in percentage terms) is this country if its growth rate is 4.33% instead of 3.13% after 36 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
Country A and Country B start with the same GDP per capita of $50,000. Country A's GDP per capita grows at a constant rate of 2.8% and Country B's GDP per capita grows at a constant rate of 1.4%. Use the rule of 70 to compute the difference in GDP per capita for these two countries after 100 years, in thousands of dollars.
Capital per person in France is about 81 percent of the U.S. level and per capita income is about 79 percent of the U.S. level. Given that per capita income y = Ak0.3, calculate the level of total factor productivity (A), relative to the U.S. level, that would be needed for France to match the U.S. level of per capita income. Round your answer to 2 decimal places.
The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of people) 224 228 237 Year 1 2 Real GDP (millions of dollars) $5,847 6,666 7,541 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % % Real GDP per Capita (dollars) $26,103 29,237 31,819 % % Population: Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. %
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