Problem 02-06 algo Assume that total output is determined by this formula: number of workers x productivity = total output Hint. Assume there are 100 workers and each worker produces $100 of output. Instructions: Round your responses to one decimal place. a. If the workforce is growing by 3 percent a year but productivity doesn't improve, how fast can output increase? Output can increase by %. b. If productivity increases by 2 percent and the number of workers increases by 3 percent a year, how fast will output grow? Output will grow by %.

Problem 02-06 algo Assume that total output is determined by this formula: number of workers x productivity = total output Hint. Assume there are 100 workers and each worker produces $100 of output. Instructions: Round your responses to one decimal place. a. If the workforce is growing by 3 percent a year but productivity doesn't improve, how fast can output increase? Output can increase by %. b. If productivity increases by 2 percent and the number of workers increases by 3 percent a year, how fast will output grow? Output will grow by %.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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