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Suppose the production function in an economy is given by Y = AK⁰.³ L⁰.⁷,where Y is output,K capital,L labour and A measures productivity.If K = 20 and L = 80 and Y = 100:
a.Find the Solow residual.
b.Find the Solow residual for next year when Y = 120.
c.What is the productivity growth in year 2 measured by the Solow residual.
d.How do capital and labour utilization rates affect Solow residual?
Totipotency
The ability of a single cell to develop into a complete organism, possessing all necessary cell types.
Mosaic Development
A pattern of development in which each cell of the embryo contributes to a specific part of the adult organism's body, with limited capability for regeneration or replacement by other cells.
Gene Amplification
An increase in the number of copies of a specific gene, often resulting in enhanced expression of the gene product.
Early Development
The initial stages in the growth and differentiation process of an organism after fertilization.
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