# The following data give real gdp, y, capital, k, and labor n, for the

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?

(550 words)

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