A6 (a) If economy A grows annually at a rate of 1% and economy B grows annually at arate of 2%. Calculate the ratio of the GDP of economy B to economy A after 25years.(b)Consider the aggregate production function Y = K0.2 (AN) 0.8 Compute outputwhen K 100,000, A = 3, and N = 81.=(c)The Solow residual is given by TFP = 9y [agn + (1-a)gk]. Assume that theshare of labour is a = 0.8, and that the growth of employment is gCalculate the growth in output due to growth in employment.= 0.04

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(a) If economy A grows annually at a rate of 1% and economy B grows annually at a rate of 2%. Calculate the ratio of the GDP of economy B to economy A after 25 years. (b) Consider the aggregate production function Y = K2 (AN) 0.8 Compute output when K 100,000, A = 3, and N = 81. = (c) The Solow residual is given by TFP = gy[agn + (1-a)gk]. Assume that the share of labour is a = 0.8, and that the growth of employment is g = 0.04. Calculate the growth in output due to growth in employment.

(a) If economy A grows annually at a rate of 1% and economy B grows annually at a rate of 2%. Calculate the ratio of the GDP of economy B to economy A after 25 years. (b) Consider the aggregate production function Y = K2 (AN) 0.8 Compute output when K 100,000, A = 3, and N = 81. = (c) The Solow residual is given by TFP = gy[agn + (1-a)gk]. Assume that the share of labour is a = 0.8, and that the growth of employment is g = 0.04. Calculate the growth in output due to growth in employment.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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