Answered: Based on your calculations, (a. an…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Related questions

Question

Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years.

Complete the table by calculating physical capital per worker as well as labor productivity.

Year	Physical Capital (Fishing poles)	Labor Force (Workers)	Physical Capital per Worker (Fishing poles)	Labor Hours (Hours)	Output (Fish)	Labor Productivity (Fish per hour of labor)
2016	160	40		2,000	20,000
2017	180	60		3,900	29,250

Based on your calculations, (a. an increase, b. a decrease) in physical capital per worker from 2016 to 2017 is associated with (a. an increase, b. a decrease) in labor productivity from 2016 to 2017.

Suppose you're in charge of establishing economic policy for this small island country.

Which of the following policies would lead to greater productivity in the fishing industry? Check all that apply.

___ Subsidizing research and development into new fishing technologies

___ Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts

___ Imposing a tax on fishing poles

___ Offering free public education to every worker in the country

Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years.
Complete the table by calculating physical capital per worker as well as labor productivity.
Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as
the quantity of goods per hour of labor.
Year
2016
2017
Physical Capital
(Fishing poles)
160
180
Labor Force
(Workers)
40
60
Based on your calculations,
productivity from 2016 to 2017.
Physical Capital per Worker
(Fishing poles)
Labor Hours Output
(Hours) (Fish)
2,000
20,000
3,900
29,250
in physical capital per worker from 2016 to 2017 is associated with
Suppose you're in charge of establishing economic policy for this small island country.
Labor Productivity
(Fish per hour of labor)
Which of the following policies would lead to greater productivity in the fishing industry? Check all that apply.
Subsidizing research and development into new fishing technologies
Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts
Imposing a tax on fishing poles
Offering free public education to every worker in the country
in labor

Expert Solution

Step 1

Productivity is the amount of work that is produced in a given amount of time. It can be measured by things like the number of units produced, the number of hours worked, or the number of tasks completed.

There are many ways to increase productivity. Some people advocate for more breaks and less work time to increase productivity. Others believe in maximizing efficiency throughout a workday. A third group believes that it is important to focus on doing one task at a time while limiting distractions and interruptions as much as possible.

The best way to increase productivity is by combining these methods and finding what works best for you personally.