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Suppose that real GDP is summarized by y- AK(HN)1-a, where A is TFP, K is capital, H is average years of education (or human capital) and N,is number of workers. If a is equal to 0.48 and the years of education increases from 12 to 16, how much does the GDP per worker increase in percent terms (approximately)? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)

Suppose that real GDP is summarized by y- AK(HN)1-a, where A is TFP, K is capital, H is average years of education (or human capital) and N,is number of workers. If a is equal to 0.48 and the years of education increases from 12 to 16, how much does the GDP per worker increase in percent terms (approximately)? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 2CQ
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QUESTION 20 Suppose that real GDP is summarized by y- AK"(HN)1-a, where A is TFP, K is capital, H is average years of education (or human capital) and N.is number of workers. If a is equal to 0.48 and the years of education increases from 12 to 16, how much does the GDP per worker increase in percent terms (approximately)? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)
Transcribed Image Text:QUESTION 20 Suppose that real GDP is summarized by y- AK"(HN)1-a, where A is TFP, K is capital, H is average years of education (or human capital) and N.is number of workers. If a is equal to 0.48 and the years of education increases from 12 to 16, how much does the GDP per worker increase in percent terms (approximately)? (Submit your answer with up to two decimals, i.e., -10.22 for -10.22% and 11.44 for 11.442%.)
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