Output in an economy is given by the production function,Y=A(UKK) 0.30 (UNN)0.70,where Y is output and A measures productivity. The capital stock K is fixed at 31, and employment N is fixed at 88. The utilization rates of capital and labor equal 1 in both 2012 and 2013. Output equals 113 in 2012 and equals 119.78 in 2013. The values of the Solow residual as measured by the parameter Aare found to be 1.7560 in 2012 and 1.8614 in 2013. Thus the growth rate of the Solow residual is 6.00%.Now suppose that betweeen 2012and 2013, utilization of labor increases by 2%, while the utilization rate of capital remains unchanged. Output in 2013 is 119.78, as it was above.Calculate the new measure of A in 2013:(Enter your response rounded to four decimal places.)Calculate the growth rate of A from 2012 to 2013:%. (Enter your response as a percentage rounded to two decimal places.)When the labor utilization rate increases, the growth rate of productivitythe growth rate of the measured Solow residual.

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Answered: Output in an economy is given by the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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