Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786...

Extracted text: Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786 8,183 12,7120 Hong Kong 1960 37% 1990 48% 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 1990 2,478 13,988 56% 2019 56% Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of the population in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted. Data are from the Penn World Tables 10. Step 1: Use a Cobb-Douglas production function, Y = A K/3 L2/3, and our growth accounting methodology to allocate annual average growth in per capita output to changes in average labor-force participation, TEP, and capital per worker, for each region for the full sample, 1960-2019. Briefly discuss which factor has been most important for each country. [Hint: Remember that the production function scales nicely, Y/L=A(K/L)/3, so you can calculate TFP from the data on Y/L and K/L. One more hint: Remember that Y/L=(Y/Pop)/(L/Pop), so you can also calculate Y/L from the data you're given.]