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2. Growth accounting: Consider the following (made-up) statistics for some economies. As sume the exponent on capital is 1/3 and that the labor composition is unchanged. For each economy, compute the growth rate of TFP. (a) A European economy: gt/1 = 0.033x/L = 0.03. (b) A Latin American economy: gy/L=0.02, gK/L (c) An Asian economy: gY/L = 0.06. gK/L = 0.15. 0.01
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