2% K 8.7% 9.7% T able 2. Economy Factors of China (1952 - 2008) Output Input Y L h=H/L K 162,655,626,000 282,000,000 1.10 147,292,230,037 587,000,040,000 484,000,000 1.65 1,301,869,215,998 8,444,953,000,000 781,000,000 2.33 18,957,094,811,042 T he steps to get the cumulative average growth rates: T hen: ⁄ ⁄ T hus, for the year 1952 – 1978, the CAGRs of Y is 5.1 percent. After applying the formula above to all factors, we would get the CAGRs for L, h and K, which are 2.1%, 1.6% and 8.7%. While…
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