Suppose that 20 workers were required in 2010 to produce 20,000 bushels of wheat

Question

Suppose that 20 workers were required in 2010 to produce 20,000 bushels of wheat on a 1,000-acre farm. a. What is the average output per acre? bushels per acre. What is the average output per worker? bushels per worker. b. If in 2020 only 16 workers produce 22,000 bushels of wheat on that same 1,000-acre farm, what will be the average output per acre? bushels per acre. What will be the average output per worker? Instructions: Round your answer to 1 decimal place.bushels per worker. c. By what percentage does productivity (output per worker) increase over those 10 years? Instructions: Round your answer to 1 decimal place. percent. Over those 10 years, what is the average annual percentage increase in productivity? Instructions: Round your answer to 2 decimal places. percent per year.

Explanation / Answer

(a)

Output per acre = 20,000 / 1,000 = 20

Output per worker = 20,000 / 20 = 1,000

(b)

Output per acre = 22,000 / 1,000 = 22

Output per worker = 22,000 / 16 = 1,375.0

(c)

Increase in productivity = (1,375 / 1,000) - 1 = 1.375 - 1 = 0.375 = 37.5%

Annual percentage increase = 37.5% / 10 = 3.75%

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