Economics · Economic Growth Models
Consider an economy with a linear homogeneous Cobb-Douglas production function with two inputs, capital and labour. The shares of capital and labour are 13 and 23, respectively. The annual growth rates of capital and labour are 6% and 3%, respectively. If the total rate of growth of output is 6% per annum, what is the growth rate of output due to Total Factor Productivity (TFP)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 11%
- 22%
- 33%✓
- 44%
Correct answer
3%
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