What is the growth rate of total factor productivity

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Macro Econ

The current population of the United States is 318.9 million with 3% of the population is engaged in R&D at an efficiency rate of 1/500 per million persons per year.

(a) If R&D is the only source of total-factor productivity growth what is the growth rate of total factor productivity in the United States?

(b) If the growth rate in output per person is 3.0% per year what is the value of \alpha in the Cobb-Douglas production function?

Reference no: EM13831116

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