Sunday

April 20, 2014

April 20, 2014

Posted by **Robson** on Friday, September 14, 2012 at 11:56pm.

1. Suppose you have an economy with two factors of production (capital and labor), and suppose that capital's share of national income is 40% and that labor's share is 60%. Assume also that the annual growth rates of labor and capital are, respectively, 5% and 3%.

A. If technology does not increase over time, how much does output grow each year?

B. If technology grows at a 2% rate each year, how much does output grow each year.

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