Consider the Cobb-Douglas Production Function $Y _ { t } = A _ { t } K _ { t } ^ { a } L _ { t } ^ { 1 - a }$

question 112

Essay

Consider the Cobb-Douglas production function $Y _ { t } = A _ { t } K _ { t } ^ { a } L _ { t } ^ { 1 - a }$
.
(a) Write this in growth-rate terms.
(b) Next, define this in terms of per capita growth and identify the contributions of the components of per capita growth.
(c) If the growth rate of capital per worker is 1.3 percent, the labor composition growth rate is 0.4 percent, TFP growth is 1.2 percent, and $a = 1 / 2$ , what is the growth rate of output per worker? If $a = 1 / 3$ ?

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Definitions:

Attachment

An emotional bond that forms between individuals, typically between a child and caregiver, which influences the child's development and future relationships.

Intersexed

A term used to describe individuals born with physical sex characteristics that do not fit typical binary notions of male or female bodies.

Transsexual

A term describing a person whose gender identity differs from the sex they were assigned at birth, often undergoing medical procedures to transition.

Equal

Having the same value, quantity, or measure as another entity or condition.