The table below represents national macroeconomic data for Year 1 and Year 2. Year Y K N 1 3200 1800 ? 3200 1800 ? Suppose that the production function is given by y=AKO.3y0.7. Between Year 1 and Year 2, the total factor productivity of this economy changed by 7.9%. Given that information, how much did N change in percent terms approximately? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)

The table below represents national macroeconomic data for Year 1 and Year 2. Year Y K N 1 3200 1800 ? 3200 1800 ? Suppose that the production function is given by y=AKO.3y0.7. Between Year 1 and Year 2, the total factor productivity of this economy changed by 7.9%. Given that information, how much did N change in percent terms approximately? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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