Calculate the growth rate of total factor productivity in each decade. The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in variousyears.Year19701980199020002010Y34345243714410,03911,825K38005800800010,40012,000N79101123135156Assume that the production function is Y-AK⁰.3 Nº.7Calculate the growth rate of total factor productivity in each decade.Between 1970 and 1980, U.S. total factor productivity grew by%. (Enter your answer asa percentage rounded to one decimal place.)

Real GDP (Gross Domestic Product) in economics is a measure of the total value of goods and services…

The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Year 1970 1980 1990 2000 2010 Y 3434 5243 7144 10,039 11,825 K 3800 5800 8000 10,400 12,000 N 79 101 123 135 156

The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Year 1970 1980 1990 2000 2010 Y 3434 5243 7144 10,039 11,825 K 3800 5800 8000 10,400 12,000 N 79 101 123 135 156

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...

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Question

Calculate the growth rate of total factor productivity in each decade.

The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various
years.
Year
1970
1980
1990
2000
2010
Y
3434
5243
7144
10,039
11,825
K
3800
5800
8000
10,400
12,000
N
79
101
123
135
156
Assume that the production function is Y-AK⁰.3 Nº.7
Calculate the growth rate of total factor productivity in each decade.
Between 1970 and 1980, U.S. total factor productivity grew by%. (Enter your answer as
a percentage rounded to one decimal place.)

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