a.
Frequently, economists use relative terminology as opposed to absolute ones.
a.
Answer to Problem 47E
The rate of production growth is
Explanation of Solution
Given: The total number of workers in a specific industry at time
Utilizing the derivatives of
Conclusion:
The rate of production growth is
b.
A portion of the labour force is ageing at a pace of
b.
Answer to Problem 47E
The overall production is growing by
Explanation of Solution
Given: Increasing or declining in terms of overall
Using the product rule, determine the derivative of
If the labour force is vanishing at a rate of
Replace with
Conclusion:
The overall production is growing by
Chapter 4 Solutions
AP CALCULUS TEST PREP-WORKBOOK
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