Homework Answers
Growth rate of output = share of capital * growth rate of capital + share of labour * growth rate of labour + solow residual
= (1/3)*0.01 + (2/3)*0.01 + 0.05
= 0.06 or 6%
This shows that output growth rate for 2009 was 6%
Also the contribution of productivity growth is equal to 5% because it should be same as a solow residual. In terms of percentage it is 5%/6% = 83 percent.
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