Question: 1. As we saw in problem set 2, the Bureau of Labor Statistics reported that the United States labor force labor force was 162,294,000 persons

1. As we saw in problem set 2, the Bureau of Labor Statistics reported that the United States labor force labor force was 162,294,000 persons in December of 2021. Assuming that 2.0% of the labor force is engaged in R&D at an efficiency rate of 1/200 per million persons per year: (a) If R&D is the only source of total-factor productivity growth what is the growth rate of labor efficiency in the United States? (b) If the growth rate of total factor productivity is 0.8% per year, what is the value of a in the Cobb-Douglas production function

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