Homework Help is Here – Start Your Trial Now!
Business
Economics
1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%

1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
See similar textbooks
icon
Related questions
Question
1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%
Transcribed Image Text:1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
SEE MORE TEXTBOOKS