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Essentials of Economics 8th Edition by Bradley Schiller
Edition 8ISBN: 978-0073511399Essentials of Economics 8th Edition by Bradley Schiller
Edition 8ISBN: 978-0073511399 Exercise 6
Assume that total output is determined by the formula:
number of workers × productivity = total output (output per worker)
( a ) If productivity doesn't improve, how fast can output increase?
( b ) If productivity increases by 2 percent and the number of workers increases by 1 percent a year, how fast will output grow?
number of workers × productivity = total output (output per worker)
( a ) If productivity doesn't improve, how fast can output increase?
( b ) If productivity increases by 2 percent and the number of workers increases by 1 percent a year, how fast will output grow?
Explanation
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(a) Total output is determined according...
Essentials of Economics 8th Edition by Bradley Schiller
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