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What is the average annual growth rate of rgdp

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Reference no: EM131344907

Given the following information, and assuming the Cobb-Douglas weights are (1/3) on capital and (2/3) on labor, calculate the growth Rate in RGDP: (B= billion, M = million)

1980 Y = 11,216B, K = 36,999B, N=136.9M

1985 Y = 12,623B, K = 42,609B, N = 141.7

What is the average annual growth rate of RGDP over this period? Write your answer as a percentage and round to the nearest one-tenth.

Reference no: EM131344907

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