Answered step by step
Verified Expert Solution
Question
1 Approved Answer
the Bureau of Labor Statistics reported that the United States labor force labor force was 164,746,000 persons in August of 2022. As- suming that
the Bureau of Labor Statistics reported that the United States labor force labor force was 164,746,000 persons in August of 2022. As- suming that 2.5% of the labor force is engaged in R&D at an efficiency rate of 1/300 per million persons per year: (a) If R&D is the only source of total-factor productivity growth what is the growth rate of labor efficiency in the United States? (b) If the growth rate of total factor productivity is 0.8% per year, what is the value of a in the Cobb-Douglas production function?
Step by Step Solution
★★★★★
3.48 Rating (168 Votes )
There are 3 Steps involved in it
Step: 1
Solutions a Growth Rate of Labor Efficiency Following the given information Labor force164746000 per...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started