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What is total factor productivity

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Reference no: EM13321719

Current labor hours worked are 50,000 per year.

The capital stock is $100,000. Real GDP is $1,000,000.

a. If the production function is Y = A K1/2L1/2 what is total factor productivity?

b. If the production function is Y = A K1/4L3/4 what is total factor productivity?

Reference no: EM13321719

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