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Economics

The current population of the United States is 318.9 million with 3% of the population is engaged in R&D at an eciency rate of 1/500 per million persons per year.

(a) If R&D is the only source of total-factor productivity growth what is the growth rate of total factor productivity in the United States?

(b) If the growth rate in output per person is 3.0% per year what is the value of in the Cobb-Douglas production function?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91403049

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