1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%
1. Over a period of 10,000 years, the population of Brobdingnag is estimated to have increased from 4 million to 170 million. Assuming that the level of income per worker was constant, there are only two factors of production, Land (X) and Labour (L), and the exponent on land in the production function is one-third, what was the annual growth rate of productivity, A? a) 0.17% b) 0.42% c) 0.03% d) 0.01%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education