what is the mathematical way to solving this, i used the slope formula but i dont know if that is the way to get answer. A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result,real GDP per worker (Y/L) grew from $20,000 to $25,000. If the economy increases its capital perhour worked by another $10,000O to $60,000, but there is no change in technology, by how muchmore and in what direction will output per worker change?Output per worker will increase by exactly $5,000Output per worker will increase by more than $5,000O Output per worker will increase by less than $5,000O Output per worker will fall by more than $5,000

Real GDP is a economics live of the worth of economic output that has been adjusted for value…

A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result real GDP per worker (Y/L) grew from $20,000 to $25,000. If the economy increases its capital per hour worked by another $10,000 to $60,000, but there is no change in technology, by how much more and in what direction will output per worker change? Output per worker will increase by exactly $5,000 Output per worker will increase by more than $5,000 Output per worker will increase by less than $5,000 Output per worker will fall by more than $5,000

A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result real GDP per worker (Y/L) grew from $20,000 to $25,000. If the economy increases its capital per hour worked by another $10,000 to $60,000, but there is no change in technology, by how much more and in what direction will output per worker change? Output per worker will increase by exactly $5,000 Output per worker will increase by more than $5,000 Output per worker will increase by less than $5,000 Output per worker will fall by more than $5,000

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 35P: Say that the average worker in the U.S. economy is eight times as productive as an average worker in...

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A country faces diminishing marginal returns when increasing it's capital stock. If this country added 100 units of capital last year and saw their GDP rise by $1,000 per person, what would you expect to happen if they had added 200 units of capital instead? O It is impossible to tell what would happen GDP would increase by less than another $1,000 per person GDP would increase by another $1,000 per person GDP would increase by more than another $1,000 per person
What were the sources of labor productivity growth in the U.S. economy during the sixty years since 1960? How did the 1960s differ from the more recent decades? During the sixty years since 1960, the sources of labor productivity growth include O A. plastics, the laser, and the computer during the 1960s, and the Internet during later years O B. the focus on saving energy during the 1970s O C. the wide-spread introduction of the Internet during the 1970s O D. the global financial turmoil of 2008-2009 that made labor more productive Comparing the 1960s to the more recent decades, labor productivity growth than in subsequent decades. O A. in the 1960s was approximately 25 percent higher O B. in the 1960s was smaller C. due to technological change was smaller in the 1960s O D. due to physical capital and human capital growth was greater in the 1960s Click to select your answer. MacBook A
The graph below shows three production functions. PFO shows the current production function for the economy, and capital per worker is currently (K/L)o; thus ouput per worker is (Y/L)o. Suppose that there is a decrease in capital per worker. Which of the points on the graph could show the new capital per worker and output per worker? A. 3 O C. 1 Click to select your answer. B. 2 D. 4 Real GDP per hour worked, Y/L (Y/L)o 2 0 3 (K/L)o Capital per hour worked, K/L PF1 PF0 PF₂
A country faces diminishing marginal returns when increasing it's capital stock. If this country added 1,000 units of capital last year and saw their GDP rise by $500 per person, what would you expect to happen if they had added 2,000 units of capital instead? O GDP would increase by another $500 per person O GDP would increase by less than another $500 per person O GDP would increase by more than another $500 per person O It is impossible to tell what would happen What is a potential downside of using patents to promote the creation of new technology? Without a market test, patents might be given to technology which ends up being useless. O Government money may be directed towards unproductive goals. It slows the spread and development of those ideas by restricting competition. They prohibit competition forever. What is the law of diminishing marginal returns?
The table below shows the GDP of a country measured in trillions of dollars. What is the growth rate of the GDP of this country in 1999? Year 1998 1999 2000 2001 Profit $526.42 $527.10 $533.69 $541.70 O a) -0.02% O b) 0.04% O c) 0.08% O d) 0.13% O e) 0.18% O f) 0.25% g) There is not enough information to tell.
Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114
Consider the production functions shown here, which show the output of a bakery over time. Suppose that the bakery experiences significant wear and tear of its ovens and that this leads some of the ovens to break down, Which of the movements reflects this scenario? Real GDP per worker Physical Capital per worker O B to C O D to C O A to C O E to C
13. Starting at point B in the diagram below, identify which combinations of points illustrate technological change. Give a brief explanation to support your answer. Real GDP per hour worked, Y/L $17,000 16,400 16,000 15,000 $50,000 B E 60,000 70,000 Production function3 Production function2 Production function₁ Capital per hour J Ka
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