Aug Untitled Notebook EE462_2022_Lecture2_student X Untitled Notebook 2. (15 points total) Growth Accounting Suppose that the annual percentage rates of change (i.e. growth rate) in total output, total employment, output per worker, and the contributions to output per worker of physical and human capital in three different sectors in a hypothetical country are given in the following table. Contribution to Output Per Worker of Sector Total Output per output Employment worker Physical Capital Human Capital Agriculture 5.4 3.2 2.2 1.2 0.8 Industry 57 2.2 3.5 0.8 1.1 Services 7.8 4.2 3.6 0.6 1.6 [Note: All the numbers in the table are in percentage terms. ] 2.1 For each sector, calculate the followings: (i) (3 points) The growth rate of total factor productivity (TFP) (ii) (3 points) The contribution of factor accumulation to the output growth (i.e. what percentage of output per worker growth?). 2.2 According to the results above, discuss the followings: (i) (3 points) How do the sources of growth differ among the three sectors? (ii) (6 points) Which sector has the highest TFP growth, and in which sector does the TFP contribute the most to the output growth? Does it imply that the country with higher TFP growth is always more efficient or has more technological advance? Why or why not? i ) Recall growth rate formula : gy = ( WK X 9K ) +#