Consider the economies of Sporon and Gobbledigook, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 20 years, the level of physical capital per worker rises by 3 tools per worker in each economy, but the size of each labor force remains th same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2022 and 2042. Sporon Productivity Physical Capital (Tools per worker) Labor Force Output (Workers) (Gaggles of gop) (Gaggles per worker) Year 2022 10 50 3,000 2042 13 50 3,600 Gobbledigook Output Productivity Physical Capital (Tools per worker) Labor Force (Workers) (Gaggles of gop) (Gaggles per worker) Year 50 4,000 2022 13 50 4,300

Consider the economies of Sporon and Gobbledigook, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 20 years, the level of physical capital per worker rises by 3 tools per worker in each economy, but the size of each labor force remains th same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2022 and 2042. Sporon Productivity Physical Capital (Tools per worker) Labor Force Output (Workers) (Gaggles of gop) (Gaggles per worker) Year 2022 10 50 3,000 2042 13 50 3,600 Gobbledigook Output Productivity Physical Capital (Tools per worker) Labor Force (Workers) (Gaggles of gop) (Gaggles per worker) Year 50 4,000 2022 13 50 4,300

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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