Consider the data in the table below:

a. Calculate the Solow residual for each year from 2004 to 2014.

b. Calculate percentage rates of growth in output, capital, employment, and total factor productivity for the years 2005 to 2014. In each year, what contributes the most to growth in aggregate output? What contributes the least? Are there any surprises here? If so, explain.

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N (millions) Ý (billions of 2007 dollars) K (billions of 2007 dollars) Year 2004 1455.6 4312.3 15.92 1502.7 16.12 2005 4455.7 15.40 2006 1539.1 4606.8 2007 1573.5 4759.8 16.77 4910.6 2008 1589.2 17.01 16.73 2009 1538.8 5023.5 1583.7 2010 5154.5 16.96 1633.1 2011 5291.5 17.22 2012 1659.2 5445.7 17.44 2013 1689.9 5591.4 17.69 2014 1733.7 5736.7 17.80