A country has a Cobb-Douglas production function given by: Y = AK0.10.3 If total factor productivity is 48, human capital is 2,502, and the capital stock is 3,626, what will this country's GDP be? Do not round until your final answer, when you may round to two decimal places.
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- How is the concept of technology, as defined with the aggregate production function, different from our everyday use of the word?Question9Consider an aggregate production function of the form Y= K⅓(AL)⅔Assume that the labor force is a constant fraction of the population. capital per worker grows at 3% population grows at 1% and labor productivity grows at 6% then GDP per capita grows at_____%From 2009 to 2019, Country X recorded an annual economic growth rate of 5% and an annual labour growth rate of 3%. During this period, the Gini-coefficient changed from 0.252 to 0.388 and the GDP deflator changed from 105 to 110.Regarding the above period, what can you say about the changes in the overall economic performance, including labour productivity, income distribution and price level from the above data? Briefly explain your answer.
- Write the production function (human capital (H) is included in TFP) and the logarithmic form of this production function then explain why the GDP growth will be at the end ofa given long period lower than at the beginning of this period, assuming that the average contribution of TFP to GDP average growth during the period is constant.Assume that the growth rate of the capital stock in each period is determined by the level of output in the previous period. 1) An economy of 80 million people has ten percent of them engaged in research and development, where their productivity is 0.0035. The economy is on a balanced growth path, when suddenly 2.88 million people move from goods production into R&D, raising the fraction there to 13.6 percent. In the one period that begins with this labor reallocation, the growth rate of output is ________. [Refer to the instruction above.] A) 2.8% B) 0.0% C) 3.8% D) 2.2%(a) Assuming that the production function is of the form y = Ak1/3, where y and k denote GDP and capital per capita, fill in the missing entries of the table. (b) Comment on the results that you find.
- The aggregate production function is y=3KL. If they are 30 units of capital and 40 units of labor, what is aggregate output? What is labor productivity? What is capital productivity?From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth rate of 7%. During this period, the GDP deflator changed from 120 to 145, and the Gini-coefficient changed from 0.671 to 0.608. Regarding the above period, what can you say about the changes in the overall economic performance, including labour productivity, general price level and income distribution from the above data? Briefly explain your answer.Please no written by hand and graph Consider a small world that consists of two different countries, a developed and a developing country. In both countries, assume that the production function takes the following form: Y = F (K, LE) = K¹/4 (LE) 3/4, where Y is output, K is capital stock, L is total employment and E is labour augmenting technology. (a) Does this production function exhibit constant returns to scale in K and L? Explain. (b) Express the above production function in its intensive form (i.e., output per-effective worker y as a function of capital per effective worker k). (c) Solve for the steady-state value of y as a function of saving rate s, population growth rate n, technological progress g, and capital depreciation rate 6. (d) The developed country has a savings rate of 30% and a population growth rate of 2% per year. Meanwhile, the developing country has a savings rate of 15% and population growth rate of 5% a year. Technology evolves at the rate of 8% and 2% in…
- In 2000 GDP per capita was 18.3, capital/output was 3.3, human capital was 4.8. In 2010 GDP per capita was 23.3, capital/output 5.7, human capital was 4.5. In both years the production function is Cobb-Douglas with a value for α of 0.4. What was the ratio of GDP per capita in 2010 to 2000 due *just* to the change in the capital/output ratio? Use 2 decimal places.Suppose the 50% of the income generated by an economy is paid to workers, thus implying that the remaining 50% is paid to capital. If GDP grew by 4%, capital grew by 1%, and labor grew by 3%, then what was the growth rate in technology? (Record your answer as a whole number, and do not include a "%".)In his 2020 State of the Nation Address (SoNA), president of South Africa humbly noted... "Even if we [the government] were to marshal every single resource at our disposal, and engage on a huge expenditure of public funds,we would not alone be able to guarentee employment to the millions of people who are out of work". Without growth there will be no jobs,and without jobs there will be no meaningful improvement in the lives of our people". Using the South African SoNA 2020 as a reference,discuss the examples of the different ways that South African government intervenes in the economy.