Yes.. I know this is a math forums but there is no economics.stackexchange.com :(.
Since this is also a math problem, I thought I'd post it here. Please help.
An undeveloped economy produces goods and services which rely heavily on natural resources. It is described by the following production function:
$Y = T * K^{1/4} * Z^{1/2} * L^{1/4}$
where Y is real GDP, T is technology, K is physical capital, Z is natural resources, and L is aggregate hours of work.
If there is no growth in labor productivity, and both the capital stock (K) and natural resources (Z) are constant, with population and labor hours growing at 2 percent per year, what is the growth rate of technological progress in this economy?
So, what I got it that there is no growth in labor productivity meaning Y/L = a constant. K and Z are constant meaning K/L and Z/L is 0. However, I dont know how to use the fact that population and labor hours are growing at 2%/yr.
Thanks!