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Consider the data in the following table. In recent Canadian data, the labour share in national income has been roughly constant at 70%, so we can set a = 0.3, and our production function is then Y = zk0.3 10.7 a. Calculate the Solow residual for each year from 2007 to 2017. (Round your responses to two decimal places as needed.) Year Y (billions of 2012 dollars) 1718.3 K (billions of 2012 dollars) 3344.9 (millions) 17.03 2007 2008 1736.7 3463.6 17.86 2009 1684.9 3531.8 18.12 2010 1738.7 3637.8 16.31 2011 1793.2 3752.5 15.67 2012 1822.1 3884.3 18.79 2013 1864.1 4007.2 16.75 2014 1919.3 4136.0 17.07 2015 1929.9 4226.6 18.64 2016 1951.6 4292.5 18.19 2017 2012.1 4375.1 17.53 b. Calculate the percentage rates of growth in output, capital, employment, and total factor productivity for the years 2007 to 2017. Use the previous year and the current year when calculating the percentage rates of growth. (Round your responses to two decimal places as needed.) Rate of growth Rate of growth Rate of growth Rate of growth for for for for Year 2007 2008 % % % % % 2009 % % % 2010 % % % % 2011 % % % % 2012 % % % % 2013 % % % % 2014 % % % % 2015 % % % % 2016 % % % % 2017 % % % Consider the data in the following table. In recent Canadian data, the labour share in national income has been roughly constant at 70%, so we can set a = 0.3, and our production function is then Y = zk0.3 10.7 a. Calculate the Solow residual for each year from 2007 to 2017. (Round your responses to two decimal places as needed.) Year Y (billions of 2012 dollars) 1718.3 K (billions of 2012 dollars) 3344.9 (millions) 17.03 2007 2008 1736.7 3463.6 17.86 2009 1684.9 3531.8 18.12 2010 1738.7 3637.8 16.31 2011 1793.2 3752.5 15.67 2012 1822.1 3884.3 18.79 2013 1864.1 4007.2 16.75 2014 1919.3 4136.0 17.07 2015 1929.9 4226.6 18.64 2016 1951.6 4292.5 18.19 2017 2012.1 4375.1 17.53 b. Calculate the percentage rates of growth in output, capital, employment, and total factor productivity for the years 2007 to 2017. Use the previous year and the current year when calculating the percentage rates of growth. (Round your responses to two decimal places as needed.) Rate of growth Rate of growth Rate of growth Rate of growth for for for for Year 2007 2008 % % % % % 2009 % % % 2010 % % % % 2011 % % % % 2012 % % % % 2013 % % % % 2014 % % % % 2015 % % % % 2016 % % % % 2017 % % %

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