Question
can you answer these questions? 3) Over the past year, productivity grew 1%, capital grew 2%, and labor grew 2%. If the elasticities of output
can you answer these questions?
3) Over the past year, productivity grew 1%, capital grew 2%, and labor grew 2%. If the elasticities of output with respect to capital and labor are 0.3745 and 0.6255, respectively, how much did output grow (approximately)?
6) Over the past year, output grew 5%, capital grew 5%, and labor grew 1%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did productivity grow (approximately)?
7)Over the past year, productivity grew 1%, capital grew 0%, and labor grew 5%. If the elasticities of output with respect to capital and labor are 0.4 and 0.6, respectively, how much did output grow (approximately)?
2)Consider again South Africa where the GDP in 1950 was 77,836.88 million dollars and in 2019 748,861 million dollars. The population in 1950 was 13.2 million and in 2019 it was 58.5 million.What has been the averageannualgrowth rate ofper-capitaGDP for South Africa during the period 1950 to 2019?Use growth compounding to calculate the number and give your answer as a decimal with 4 decimal places
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