Consider the production functions represented in Fig 7a. When an economy moves from Point Sto Point V, what change could have caused this move?Technology 3Technology 2Technology 1Output per CapitaOG₂"5Fig. 7a----RSUVWC₁ C₂ C₂Capital (physical and human)a. an increase in the quantity of outputb. capital deepeningc. diminishing marginal productd. technological progress

Capital deepening means increase in per capita capital. Per capita capital means capital available…

Consider the production functions represented in Fig 7a. When an economy moves from to Point V, what change could have caused this move? Technology 3 Technology 2 Technology 1 G₂ Output per Capita 9 55 Fig. Ta R S U V W C₁ C₂ C₂ Capital (physical and human) a. an increase in the quantity of output

Consider the production functions represented in Fig 7a. When an economy moves from to Point V, what change could have caused this move? Technology 3 Technology 2 Technology 1 G₂ Output per Capita 9 55 Fig. Ta R S U V W C₁ C₂ C₂ Capital (physical and human) a. an increase in the quantity of output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Briefly provide the relationship between economic growth (GDP growth), high/low unemployment, high/low wages, and the way they impact one another.
4. The catch-up effect Consider the economies of Sporon and Tralfamadore, both of which produce gaggles of gop 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. Sporon Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 11 30 1,800 2068 16 30 2,160 Tralfamadore Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 8 30 900 2068 13 30 1,620 Initially, the number of tools per worker was higher in Sporon than in Tralfamadore. 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 Sporon…
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4. The catch-up effect Consider the economies of Blahnik 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 2019 and 2069. Year 2019 2069 Year 2019 2069 Physical Capital (Tools per worker) 11 16 Physical Capital (Tools per worker) 8 13 Blahnik Labor Force (Workers) 30 30 Output (Gobs of goo) 1,800 2,160 Gribinez Labor Force (Workers) 30 30 Output (Gobs of goo) 900 1,620 Productivity (Gobs per worker) Productivity (Gobs per worker) Initially, the number of tools per worker was higher in Blahnik than in Gribinez. From 2019 to 2069, capital per worker rises by 5 units in each country. amount than productivity in Gribinez. This illustrates The 5-unit change in capital per worker…
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