Recall the growth-accounting equation [equation (1) on page 514). Calculate the growth of output if labor grows
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How would your answer change if:
a. Labor growth slowed to 0 percent per year?
b. Capital growth increased to 5 percent per year?
c. Labor and capital had equal shares in GDP? Also, calculate for each of these conditions the rate of growth of output per hour worked.
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The formula holds that growth in Q 075 growth in L 025 ...View the full answer
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