Consider the hypothetical economies of Hermes and Svarta, both of which produce bottles of bulg using only workers and tools. Suppose that, during the course of 40 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2018 and 2058. Physical Capital Year (Tools per worker) 2018 18 2058 23 Year 2018 2058 Physical Capital (Tools per worker) 15 20 Labor Force (Workers) 60 60 Labor Force (Workers) 60 60 Hermes Output Productivity (Bottles of bulg) (Bottles per worker) 3,600 4,320 Svarta Output Productivity (Bottles of bulg) (Bottles per worker) 1,800 3,240 Initially, the number of tools per worker was higher in Hermes than in Svarta. From 2018 to 2058, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hermes to rise by a amount than productivity in Svarta. This illustrates the effect.

Consider the hypothetical economies of Hermes and Svarta, both of which produce bottles of bulg using only workers and tools. Suppose that, during the course of 40 years, the level of physical capital per worker rises by 5 tools per worker in each economy, but the size of each labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2018 and 2058. Physical Capital Year (Tools per worker) 2018 18 2058 23 Year 2018 2058 Physical Capital (Tools per worker) 15 20 Labor Force (Workers) 60 60 Labor Force (Workers) 60 60 Hermes Output Productivity (Bottles of bulg) (Bottles per worker) 3,600 4,320 Svarta Output Productivity (Bottles of bulg) (Bottles per worker) 1,800 3,240 Initially, the number of tools per worker was higher in Hermes than in Svarta. From 2018 to 2058, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Hermes to rise by a amount than productivity in Svarta. This illustrates the effect.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

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