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The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various years. Year Y K N 1960 2502 2695 65.8 1970 3772 4044 78.7 1980 5162 5831 99.3 1990 7113 7809 118.8 2000 9817 10,392 136.9 2007 11,524 11,849 146.0 Y is real GOP in billions dollars; K is real net stock of fixed private nonresidential capital in billions of dollars; N is civilian employment in millions of workers That the production function is: 7 . 0 3 . 0N AK Y . a. By what percentage did U.S. total factor productivity grow between 1960 and 1970? Between 1970 and 1980? Between 1980 and 1990? Between 1990 and 2000? Between 2000 and 2007? b. What happened to the marginal product of labor between 1 960 and 2007? Calculate the marginal product numerically as the extra output gained by adding 1 million workers in each of the two years.
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