the Bureau of Labor Statistics reported that the United States labor force labor force was 164,746,000...

 

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the Bureau of Labor Statistics reported that the United States labor force labor force was 164,746,000 persons in August of 2022. As- suming that 2.5% of the labor force is engaged in R&D at an efficiency rate of 1/300 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? the Bureau of Labor Statistics reported that the United States labor force labor force was 164,746,000 persons in August of 2022. As- suming that 2.5% of the labor force is engaged in R&D at an efficiency rate of 1/300 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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Solutions a Growth Rate of Labor Efficiency Following the given information Labor force164746000 per... View the full answer