Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent
Connect Problem CP 28-10 (algo) Assume that the hypothetical economy of Econoland has 8 workers in year 1, each working 1,225 hours per year (35 weeks at 35 hours per week). The total input of labor is 9,800 hours. Productivity (average real output per hour of work) is $10 per worker. Instructions: In parts a and b, enter your answers as a whole number. In part c, round your answer to 2 decimal places. a. What is real GDP in Econoland? $ b. Suppose work hours rise by 1 percent to 9,898 hours per year and labor productivity rises by 5 percent to $10.50. In year 2, what will be Econoland's real GDP? c. Between year 1 and year 2, what will be Econoland's rate of economic growth? percent
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
Problem 34P: Say that the average worker in Canada has a productivity level of 30 per hour while the average...
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