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Refer to table 1. Calculate real GDP per labor (average productivity of labor) and capital per labor (K/L) for 1960 and 2000 in the table
Refer to table 1. Calculate real GDP per labor (average productivity of labor) and capital per labor (K/L) for 1960 and 2000 in the table below. Table 1: real GDP, employment, capital, and mean school years Year Real gross Employment Real private Mean domestic level assets (year | school product (thousands of =100) (years) (billions of persons) dollars) (Y) (Lo) (K) (h) 1960 3260 65785 6677.6 11.4 2000 10252 136901 27514 14 Where, Lo: the physical quantity or unskilled labor. Y: the real GDP of U.S (2012=100) K: physical capital in the U.S. (measured in constant 2012 prices) h: mean school years as a measure of human capital Table 2: real GDP and capital per labor
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