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 8.82 %. (Enter your answer as a percentage rounded to one decimal place.) Between 1980 and 1990, U.S. total factor productivity grew by ☐ %. (Enter your answer as a percentage rounded to one decimal place.)

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 8.82 %. (Enter your answer as a percentage rounded to one decimal place.) Between 1980 and 1990, U.S. total factor productivity grew by ☐ %. (Enter your answer as a percentage rounded to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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