Describe and illustrate in a graph what happened in the economy in the table below if in year 1, capital per hour of labor was 30 and in year 2 it was 40. Capital per hour of labor 10 20 30 40 50 60 70 Real GDP per hour of labor In Year 1 7 13 18 22 25 27 28 In Year 2 9 17 24 30 35 39 42

Describe and illustrate in a graph what happened in the economy in the table below if in year 1, capital per hour of labor was 30 and in year 2 it was 40. Capital per hour of labor 10 20 30 40 50 60 70 Real GDP per hour of labor In Year 1 7 13 18 22 25 27 28 In Year 2 9 17 24 30 35 39 42

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?
The table below shows data over several years for a country's real GDP, the number of full-time employed workers (E), and the annual average number of hours worked per worker (H). a. & b. For each of the four years, compute real GDP per worker-a standard measure of labour productivity and a slightly more complex measure of labour productivity-real GDP per hour worked. (Round your answers to the nearest cent.) Year 1 5 10 15 Real GDP $525 billion $574 billion $655 billion $767 billion Full-time Employed Workers (E) 12.7 million 13.5 million 14.5 million 15.2 million Number of Hours Worked per Worker (H) 2011 1961 1937 1905 GDP E GDP EXH
Briefly provide the relationship between economic growth (GDP growth), high/low unemployment, high/low wages, and the way they impact one another.
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question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth?
What information does this fact give us about the growth rates of other variables?
Please help me answer 6-10.