Question
Download a file called US_Production_A_Data.csv by visiting: https://www.briancjenkins.com/data/us.html and, under the Annual Production Data section, finding the link to annual data in emph{levels}. Right-click the
Download a file called US_Production_A_Data.csv by visiting:
https://www.briancjenkins.com/data/us.html
and, under the Annual Production Data section, finding the link to annual data in \emph{levels}. Right-click the link and choose "save link as..." to download the file. The data file contains annual data on the capital stock, the labor supply, and real GDP for the United States starting from 1950. Use a computer program such as Microsoft Excel, Numbers for Mac, or Google Spreadsheet to do the following.
Assuming that =0.35, compute numerical values for total factor productivity A, the marginal product of labor MPL, and the marginal product of capital MPK for the US for each year from 1950 to through the present.
Use your results to answer the following questions.
- What is the numerical values for total factor productivity in 1959? Round your answer to at least three decimal places.
- What is the numerical values for total factor productivity in 1989? Round your answer to at least three decimal places.
- What is the numerical values for total factor productivity in 2009? Round your answer to at least three decimal places.
- What is the numerical values for total factor productivity in 2019? Round your answer to at least three decimal places.
- Plot total factor productivity. Make sure that your graph is titled clearly. Upload an image of your answer as a jpeg, png, or pdf file.
- In general, what has been happening to total factor productivity since 1950?
- Plot the marginal product of labor MPL. Make sure that your graph is titled clearly. Upload an image of your answer as a jpeg, png, or pdf file.
- In general, what has been happening to the marginal product of labor since 1950?
- Plot the marginal product of capital MPK. Make sure that your graph is titled clearly. Upload an image of your answer as a jpeg, png, or pdf file.
- In general, what has been happening to the marginal product of capital since 1950?
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