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Irish GDP GROWTH using the Production Function
Calculate Irish GDP GROWTH Using the Production Function
| Following is the data for Ireland for 2003-2004. Assuming the Cobb-Douglas Production Function* of the form Y(GDP) = AKalphaL(1-alpha), calculate the Total Factor Productivity growth rate for 2004________.(The Per Cent Change from 2003). Year GDP in 2000 prices (millions of Euro) K Gross Fixed Capital Stock (millions of Euro) L Total Hours Worked (millions) Share of Labor in GDP 2003 111,255 142,310 2,855 0.522 2004 116,729 149,178 2,903 0.526 To get full credit, you must show your calculation steps. (Use Logs) Y(GDP) = AKalphaL(1-alpha), HINT Y=A*K( ^alpha) * L^(1-alpha) HINT Step 1 A= Y/K*L^ (1-alpha) Log A= Log Y- alpha log K – (1- alpha) log L |
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