Consider an economy with the following cobb-douglas, Ask an Expert

Economics

Consider an economy with the following Cobb-Douglas production function (note that this production function does not contain natural capital). If the capital stock and real GDP grows at 3 percent per year, labor hours grow at 4 percent per year, and the quantity of human capital is constant, what is the average annual growth rate of technology (or total factor productivity)?

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Macroeconomics, Economics

Category:- Macroeconomics
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