The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Yearÿÿ Yÿÿ Kÿÿ Nÿ 1960ÿÿ 2502ÿÿ 2695ÿÿ 65.8ÿ 1970ÿÿ 3772ÿÿ 4044ÿÿ 78.7ÿ 1980ÿÿ 5162ÿÿ 5831ÿÿ 99.3ÿ 1990ÿÿ 7113ÿÿ 7809ÿÿ 118.8ÿ 2000ÿÿ 9817ÿÿ 10,392ÿÿ 136.9ÿ 2007ÿÿ 11,524ÿÿ 11,849ÿÿ 146.0ÿ Y is real GOP in billions dollars; K is real net stock of fixed private nonresidential capital in billions of dollars; N is civilian employment in millions of workersÿ That the production function is: 7 . 0 3 . 0N AK Y ?ÿ. a.ÿ By what percentage did U.S. total factor productivity grow between 1960 and 1970? Between 1970 and 1980? Between 1980 and 1990? Between 1990 and 2000? Between 2000 and 2007? b.ÿ What happened to the marginal product of labor between 1 960 and 2007? Calculate the marginal product numerically as the extra output gained by adding 1 million workers in each of the two years.
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