Test the hypothesis using the​ P-value approach. Be sure to verify the requirements of the test.

Upper H 0​: p = 0.3 versus Upper H 1​: p > 0.3 n = 200​; x = 80​; a = 0.05

Use the binomial formula to find the exact p-value (critical level) when the null hypothesis is p(success)≤ 0.3 and the alternative hypothesis is p(success)> 0.3 and 3 successes are observed in 25 independent trials.

1. The following table shows the data for Canada’s aggregate production function with constant return to scale and the output elasticity with respect to capital equal to 0.3.

a). Find the values of total factor productivity for the given years above.

I only used the Capital output elasticity(0.3) mentioned in the question here even though in my notes it mentions it being 0.7 in Canada

Y= (A)(K^αK*)(N^αN)

A= TFP, Y= GDP, K= Capital, N=Labor αK=Capital output elasticity, αN=Labor output elasticity

A= Y/(K^αK)(N^αN) THEREFORE

TFP(1961)= (264.5)/((525.6)^0.3(6.06)) = 6.65

TFP(1971)= (437.7)/((824.7)^0.3(8.08)) = 7.23

TFP(1981)= (647.3)/((1277.4)^0.3(11.31)) = 6.69

TFP(1991)= (808.1)/((1715.1)^0.3(12.86)) = 6.73

TFP(2001)= (1120.1)/((2071.1)^0.3(14.94)) = 7.59

TFP(2010)= (1325)/((2668.7)^0.3(17.04)) = 7.29

Just want to verify my numbers are correct here before moving forward?

b). Complete the following table by calculating the average annual growth rates (%) for GDP, capital stock, employment, and total factor productivity. While it is not necessary to show all your calculations, show the formulae you use, and also explain and illustrate how you obtain your answers.

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