Suppose owners of capital get 50 percent of national income, while workers receive 50 percent. In Period 1, the capital stock was 5, the labor input was 4, and the output was 16. In Period 2, the capital stock was 9, the labor input was 6, and the output was 21. Between the two periods, how much did total factor productivity and output per capita

Suppose owners of capital get 50 percent of national income, while workers receive 50 percent. In Period 1, the capital stock was 5, the labor input was 4, and the output was 16. In Period 2, the capital stock was 9, the labor input was 6, and the output was 21. Between the two periods, how much did total factor productivity and output per capita

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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