Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent

Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

Connect Problem CP 28-10 (algo)
Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35
hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker.
Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places.
a. What is real GDP in Econoland?
$
b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what
will be Econoland's real GDP?
c. Between year 1 and year 2, what will be Econoland's rate of economic growth?
percent

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