5 Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools and workers. Suppose that, during the courseof 10 years, the level of physical capital per worker rises by 4 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 2019 and 2029.Year20192029Year20192029Physical Capital(Tools per worker)1115Physical Capital(Tools per worker)812Labor Force(Workers)3030Labor Force(Workers)3030HermesOutputProductivity(Gaggles of gop) (Gaggles per worker)3,0003,600GribinezOutput(Gaggles of gop)2,4003,600Productivity(Gaggles per worker)Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2019 to 2029, capital per worker rises by 4 units in eachcountry. The 4-unit change in capital per worker causes productivity in Hermes to rise by aamount than productivity in Gribinez. Thisillustrates the▼ effect.

Productivity is a proportion of economic performance that looks at the quantity of labor and…

Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 10 years, the level of physical capital per worker rises by 4 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 2019 and 2029. Physical Capital Year (Tools per worker) 2019 11 2029 15 Physical Capital Labor Force (Workers) 30 30 Labor Force Hermes Output Productivity (Gaggles of gop) (Gaggles per worker) 3,000 3,600 Gribinez Output Productivity

Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 10 years, the level of physical capital per worker rises by 4 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 2019 and 2029. Physical Capital Year (Tools per worker) 2019 11 2029 15 Physical Capital Labor Force (Workers) 30 30 Labor Force Hermes Output Productivity (Gaggles of gop) (Gaggles per worker) 3,000 3,600 Gribinez Output Productivity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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