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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%

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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%
Transcribed Image Text: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%
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