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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please help with question 19
Real GDP per capita in the country of Arcadia grew from about $4.545 in 1900 to about $40.064 in 2008, which represents an annual growth rate of 2.04 percent IH Arcadia continues to grow at this rate, calculate the number of years when its real GDP per capita will double years. (Enter your response as an integer)
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