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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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