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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- Y7 Using the following question: "Is the value of the final goods determined by the factors of production OR does the value of the final Goods determine the value of the factors of production?" How were the Marginalists different than previous economists?An economist fits the following production function to data from Australia and New Zealand, Y = AK" L1-« She estimate that for Australia, a = = 0.7. She estimates that for New Zealand, a = = 0.2 Based on this information, which of the following statements is most likely to be correct. There is not enough information to comment on the relative capital intensities Production wilI be relatively more capital intensive in New Zealand than in Australia Production will be relatively more capital intensive in Australia than in New Zealand Production will be equally as capital intensive in each country since they both experience constant returns to scaleAn economist predicts that the cost of food will increase by 4% per year for the next several years. Part A: Use the economist's prediction to write an explicit rule for a geometric sequence that gives the cost in dollars of a box of cereal in year n that costs $3.20 in year 1. Part B: What is the fourth term of the sequence, and what does it represent in this situation? 5
- Using the following data, calculate productivity: GDP = 100 billion Employment = 1 million %3D Annual hours worked per worker = 2,000The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Units and sources are the same as in Table 3.1. Assume that the production function is Y-AK0.3N0.7 Year 1970 1980 1990 K 5600 8055 10,946 2000 13,131 14,711 137 2010 15,599 17,682 139 ● Y 4951 6759 9365 L 79 99 119 (a) Calculate total factor productivity (A). By what percentage did U.S. TFP grow: between 1970 and 1980? between 1980 and 1990? between 1990 and 2000? between 2000 and 2010? (b) Plot the short-run production function while keeping capital fixed at the 1970 level. (c) What happened to the marginal product of labor between 1970 and 2010? HINT: Calculate the marginal product numerically as the extra output gained by adding 1 million workers in each of the two years. (The data for employment, N, are measured in millions of workers, so an increase of 1 million workers is an increase of 1.0.)Identification. Answer the following questions below. QUESTIONS: 1.) What is the statistical technique for finding the best relationship between dependent variable and selected dependent variable or variables? 2.) What is the increase in output that results from an increase in all of a firm’s outputs by some proportions? 3.) What production function are the 3 stages of production applicable? 4.) What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? 5.) In long run production, a change in output necessitates the what?
- Suppose the production function in an economy is Y = K0.SL05, where K is the amount of capital and L is the amount of labor. The economy begins with 25 units of capital and 25 units of labor. Round answers to two places after the decimal when necessary. a. How much output does the economy produce? units of outputTable 8 Amounts of New Solar Power Installed in the United States Amount of New Solar Power Installed Year (megawatts) 2006 2007 105 160 2008 290 2009 435 2010 878 2011 1891 3300 2012 Source: GTM Research If the model is given by: y 2.73(1.80)*, what is the growth rate? O the growth rate is 273%. O The growth rate is 80%. O can not be determined from the equation. O The growth rate is 73% O The growth rate is 180%. 99+ aSuppose the economy's production function is to Y=AKN. If K = 2000, N= 100, and A=1. The calculate Y.
- The following is the graph of the natural log of UK real GDP per capita between 1875 and 2014: Based on this information, which of the following statements is correct? Log of real GDP per capita 11.0 10.5 10.0 9.5 9.0 8.5 8.0 7.5 -068T ა c Year Show Transcribed Text y-0.0156x 7.7734 R-0.9445 (A) The graph shows that real GDP per capita in the UK in 1955 was about £8,000. (B) The slope of the best-fit straight line is the average annual growth rate. (C) The graph shows that the average growth rate was lower in the decades after 1921 than in the decades before 1918. (D) The graph of real GDP per capita plotted using a ratio scale would look very different to the graph above.The figure above shows the log of UK real GDP per capita between 1875 and 1914. Which of the following is correct? Log of Real GDP per capita 10,5 10,0 9,5 9,0 8,5 8,0 7,5 1875 1890 5061 1920 1935 1950 1965 1980 y=0,0156x +7,7734 R²=0,94451 1995 2010 O The growth of GDP in the 1950s was above the long-run average. O The growth of GDP in the 1880s was above the long-run average. In the figure the coefficient on x is 0.0156 and tells us the slope of the regression line (line of best fit). If, instead, this were 0.02 the line would be flatter. ● The slope of the blue line tells us the rate of growth of per capita GDP but can tell us nothing about the level.Suppose over time that a firm's production process undergoes capital-saving technological progress. This implies (1) the isoquants corresponding to any particular level of output will shift outward from the origin and the MRTSL,K along any ray from the origin will increase. (2) the isoquants corresponding to any particular level of output will shift outward from the origin and the MRTSL,K along any ray from the origin will decrease. (3) the isoquants corresponding to any particular level of output will shift inward toward the origin and the MRTSL,K along any ray from the origin will increase. (4) the isoquants corresponding to any particular level of output will shift inward toward the origin and the MRTSL,K along any ray from the origin will decrease. When a production function can be expressed as q = min{ak, bL}, the relationship between capital and labour in the production function is that (1) capital and labour are perfect substitutes, and the isoquants are linear. (2) capital and…