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?

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