For the case of this problem about the growth rate of output per worker in Taiwan,...

Transcribed Image Text:

For the case of this problem about the growth rate of output per worker in Taiwan, we need to first find output per worker from output per capita, population and labor using the following formula SO Y L Y L 1960 2014 = = Y N 9y/L N 1960 = 2014 N L N L Y L = 1960 2014 YN NL = 2,397.01 10.668 3.24 23.434 11.17 = 41,522.881 = 7,892.38 With these numbers in mind, we can calculate the average continuously compounded growth rate of output per worker for Taiwan as In(87, 112.55) -In (7,892.38) 2014 - 1960 = 87, 112.55 = 4.45% For the case of this problem about the growth rate of output per worker in Taiwan, we need to first find output per worker from output per capita, population and labor using the following formula SO Y L Y L 1960 2014 = = Y N 9y/L N 1960 = 2014 N L N L Y L = 1960 2014 YN NL = 2,397.01 10.668 3.24 23.434 11.17 = 41,522.881 = 7,892.38 With these numbers in mind, we can calculate the average continuously compounded growth rate of output per worker for Taiwan as In(87, 112.55) -In (7,892.38) 2014 - 1960 = 87, 112.55 = 4.45%