Question
Consider a Neoclassical economy.Total factor productivity grows by 1% per year.Labor supply grows at 2% per year and land supply grows at 4% per year.Labor
Consider a Neoclassical economy.Total factor productivity grows by 1% per year.Labor supply grows at 2% per year and land supply grows at 4% per year.Labor and land have equal factor shares.What is the growth rate of aggregate economic output?
Consider a Neoclassical economy.Economic output grows at 8% per year.Labor supply grows at 8% per year and land supply grows at 6% per year.The output elasticities of both labor and land are each 0.50.What is the growth rate of total factor productivity?
Consider a Neoclassical economy.Total factor productivity grows by 2% per year.Labor supply grows at 2% per year and land supply grows at 2% per year.Labor and land have equal factor shares.What is the growth rate of output per worker?
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