Economics Consider an economy whose capital stock K grows at 2.3 % per year and whose labor force L grows at 0.9 % per year. In this economy Y = K1/3 L2/3, The growth rate of y = Y/L is equal to (enter percent value rounded off to 1 decimal place). Answer:

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter16: Economic Growth
Section: Chapter Questions
Problem 5E
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Economics
Consider an economy whose capital stock K grows at 2.3 % per year and whose labor force L grows at 0.9 % per year. In this economy Y =
K1/3 L2/3. The growth rate of y = Y/L is equal to (enter percent value rounded off to 1 decimal place).
Answer:
Transcribed Image Text:Economics Consider an economy whose capital stock K grows at 2.3 % per year and whose labor force L grows at 0.9 % per year. In this economy Y = K1/3 L2/3. The growth rate of y = Y/L is equal to (enter percent value rounded off to 1 decimal place). Answer:
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