4. tch-up effect Consider the economies of Hermes and Gribinez, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 50 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2018 and 2068. Physical Capital Year (Tools per worker) 2018 11 2068 16 Physical Capital Year (Tools per worker) 2018 8 2068 13 Hermes Labor Force (Workers) 30 30 Output (Gobs of goo) 1,800 2,160 Gribinez Labor Force (Workers) 30 30 Productivity (Gobs per worker) Output Productivity (Gobs of goo) (Gobs per worker) 900 1,620 Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2018 to 2068, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hermes to rise by a amount than productivity in Gribinez. This illustrates the effect

4. tch-up effect Consider the economies of Hermes and Gribinez, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 50 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2018 and 2068. Physical Capital Year (Tools per worker) 2018 11 2068 16 Physical Capital Year (Tools per worker) 2018 8 2068 13 Hermes Labor Force (Workers) 30 30 Output (Gobs of goo) 1,800 2,160 Gribinez Labor Force (Workers) 30 30 Productivity (Gobs per worker) Output Productivity (Gobs of goo) (Gobs per worker) 900 1,620 Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2018 to 2068, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hermes to rise by a amount than productivity in Gribinez. This illustrates the effect

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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