Group Project 1 Projection of U S GDP The file USA Projections xls contains data of population (pop), employment (emp), average hours worked (avh), human capital index (hc), real GDP (rgdpna), and total capital (rnna), from 1950 2019 You want to use as much information as possible You need to answer each of the following questions, and you can submit your excel file with your answer to the Blackboard folder Please include all the names of your team members, but your team only needs to submit one file Your group should not contain more than 5 members The due date for this project is March 12, Sunday, 6pm PST (2 points) In the excel file, calculate the U S total factor productivity (TFP) of each year, based on the Cobb Douglas production function Y AK a L 1 a , wherea 0 3 Also, calculate the average growth rate of TFP of these years (2 points) Calculate the U S GDP per person What is the GDP per capita in 2019 in the U S (2 points) Based on the capital dynamic function K t 1 (1 d)K t I t , whered is the depreciation rate, calculate investment ratio each year Assumed is 5 (2 points) Use the average population and labor employment growth rates to project future population and labor employment for the next 100 years (1 points) Use the average growth rate of TFP to project future TFP for the next 100 years (4 points) Notice that the investment ratios in recent years are relatively stable Assume that the U S investment ratio in 2019 applies to the future investment Project U S GDP for the next 100 years (2 points) What is your projection of total U S GDP and GDP per capita in 2050

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Group Project 1: Projection of U.S. GDP The file USA_Projections.xls contains data of population (pop), employment (emp), average hours worked (avh), human capital index (hc),

Group Project 1: Projection of U.S. GDP

The file USA_Projections.xls contains data of population (pop), employment (emp), average hours worked (avh), human capital index (hc), real GDP (rgdpna), and total capital (rnna), from 1950-2019. You want to use as much information as possible. You need to answer each of the following questions, and you can submit your excel file with your answer to the Blackboard folder. Please include all the names of your team members, but your team only needs to submit one file.Your group should not contain more than 5 members. The due date for this project is March 12, Sunday, 6pm PST.

(2 points) In the excel file, calculate the U.S. total factor productivity (TFP) of each year, based on the Cobb-Douglas production function: Y=AK^aL^1-a, wherea=0.3. Also, calculate the average growth rate of TFP of these years.
(2 points) Calculate the U.S. GDP per person. What is the GDP per capita in 2019 in the U.S.?
(2 points) Based on the capital dynamic function: K_t+1=(1-d)K_t+I_t, whered is the depreciation rate, calculate investment ratio each year. Assumed is 5%.
(2 points) Use the average population and labor employment growth rates to project future population and labor employment for the next 100 years.
(1 points) Use the average growth rate of TFP to project future TFP for the next 100 years.
(4 points) Notice that the investment ratios in recent years are relatively stable. Assume that the U.S. investment ratio in 2019 applies to the future investment. Project U.S. GDP for the next 100 years.
(2 points) What is your projection of total U.S. GDP and GDP per capita in 2050?