Save Homework: Week 3 - HW 2 7 of 25 (7 complete) Hw Score: 22.13%, 11.07 of 50

Question

Save Homework: Week 3 - HW 2 7 of 25 (7 complete) Hw Score: 22.13%, 11.07 of 50 pts core: 1.07 of 2 pts Question Help Text Problem 2.2 The tables below present some data on two hypothetical economies. Complete the tables by calculating the measured productivity of labor (Y/L) and the rate of output growth. (Round your responses to one decimal place.) Economy A Economy B Growth Rate of Output Growth Rate of Period L K Y YIL K Y YILOutputL KY YYL utputLKY 1,052 3,065 4,506 1.063 3,095 4,731 1 1,052 3,065 4,506 4.3 2 1,062 3,371 4,683 3 1,073 3,709 4,866 4 1084 4079 5055 1,090 3,126 4,967 1.097 3,157 5.216

Explanation / Answer

Economy A Period L K Y Y/L Growth rate of output (%) 1 1052 3065 4506 4.3 - 2 1062 3371 4683 4.4 3.9% (i.e. [(4683-4506) / 4506 * 100]) 3 1073 3709 4866 4.5 3.9% (i.e. [(4866-4683) / 4683 * 100]) 4 1084 4079 5055 4.7 3.9% (i.e. [(5055-4866) / 4866 * 100]) Economy B Period L K Y Y/L Growth rate of output (%) 1 1052 3065 4506 4.3 2 1063 3095 4731 4.5 5.0% (i.e. [(4731-4506) / 4506 * 100]) 3 1090 3126 4967 4.6 5.0% (i.e. [(4967-4731) / 4731 * 100]) 4 1097 3157 5216 4.8 5.0% (i.e. [(5216-4967) / 4967 * 100])

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