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.)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section17.1: Economic Growth Around The World
Problem 1QQ
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![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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a142aa5-b04c-4925-8dbc-5929164ce05d%2F8af53de4-dac9-48db-b3ee-37b1b6113fca%2F53xqvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.)
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