Suppose the economy of India can be represented by the following production function: Y = AK 1/3
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Suppose the economy of India can be represented by the following production function: Y = AK1/3L2/3. Assume that during 2014, India’s technological growth (Solow residual) is 4%, and the growth rates of both the capital and labor input stocks are 3%.
a) Calculate India’s output growth for 2014.
b) What is the contribution of productivity growth to total output growth (in percentage terms)?
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a To calculate Indias output growth for 2014 we can use the formula for the growth rate ...View the full answer
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