The following data give real GDP, Y, capital, K, and labor N, for the US economy in various years

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1. (10 points) The following data give real GDP, Y, capital, K, and labor N, for the US economy in various years.

Year

Y (billions of 200 dollar)

K (billions of 2000 dollar)

N (millions of workers)

1960

2502

2695

65.8

1970

3772

4044

78.7

1980

5156

5831

99.3

1990

7113

7809

118.8

2000

9817

10,392

136.9

 

Assume that the production function is Y = A*( K 0.3 )*( N 0.7 ).

 

a. By what percentage did U.S. total factor productivity rise between 1960 and 1970? Between 1970 and 1980? Between 1980 and 1990? Between 1990 and 2000?

    • 9 years ago
    The following data give real GDP, Y, capital, K, and labor N, for the US economy in various years
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