Question: The data presented in the table represent Total Factor Productivity (TFP), a proxy for the productivity factor in the Cobb-Douglas production function. Drawing on the

The data presented in the table represent Total Factor Productivity (TFP), a

proxy for the productivity factor in the Cobb-Douglas production function.

Drawing on the representative agent theory based on the classical view-

price flexibility and competitive markets, answer the following questions

with reference to the data shown in the Table. The data is obtained from

the Penn World Table provided by the Groningen Growth and Development

Centre.

The data presented in the table represent Total Factor Productivity (TFP), aproxy

\f

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