4. The country of. for its production function. By chance, scientists stumble onto a technological breakthrough that will enhance Androde's productivity. This technologi- cal breakthrough is reflected in another production function, Method 2. The accompanying table shows combinations of physical capital per worker and output per worker for both methods, assuming that human capital per worker is fixed. Method 1 Physical capital Real GDP per worker per worker 0 0.00 35.36 50.00 50 100 150 200 250 300 350 400 450 500 61.24 70.71 79.06 86.60 93.54 100.00 106.07 111.80 Method 2 Physical capital per worker 0 50 100 150 200 250 300 350 400 450 500 Real GDP per worker 0.00 70.71 100.00 122.47 141.42 158.11 173.21 187.08 200.00 212.13 223.61 a. Using the data in the accompanying table, draw the two production functions in one diagram. Androde's current amount of physical capital per worker is 100. In your figure, label that point A. b. Starting from point A, over a period of 70 years, the

4. The country of. for its production function. By chance, scientists stumble onto a technological breakthrough that will enhance Androde's productivity. This technologi- cal breakthrough is reflected in another production function, Method 2. The accompanying table shows combinations of physical capital per worker and output per worker for both methods, assuming that human capital per worker is fixed. Method 1 Physical capital Real GDP per worker per worker 0 0.00 35.36 50.00 50 100 150 200 250 300 350 400 450 500 61.24 70.71 79.06 86.60 93.54 100.00 106.07 111.80 Method 2 Physical capital per worker 0 50 100 150 200 250 300 350 400 450 500 Real GDP per worker 0.00 70.71 100.00 122.47 141.42 158.11 173.21 187.08 200.00 212.13 223.61 a. Using the data in the accompanying table, draw the two production functions in one diagram. Androde's current amount of physical capital per worker is 100. In your figure, label that point A. b. Starting from point A, over a period of 70 years, the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

2
QUESTION 16 Infrastructure, such as public works and public services, is also referred to as O social capital. human capital. intangible capital. O tangible capital.
Two countries, Alpha and Beta, have identical production possibilities frontiers. If Alpha produces at point A and Beta produces at point B, then O A. Alpha's economic growth rate will exceed Beta's OB. Alpha's and Beta's economic growth rates will be the same OC. Beta's future consumption will be less than than Alpha's O D. Alpha consumes more than Beta today, but it will grow slower than Beta ó Capital goods (per person) B Consumption goods (per person) PPF
The question 3 and 4 please
4. The catch-up effect Consider the economies of Sporon and Tralfamadore, both of which produce gaggles of gop using only tools and workers. Suppose that, during the course of 50 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 2068. Sporon Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 11 30 1,800 2068 16 30 2,160 Tralfamadore Physical Capital Labor Force Output Productivity Year (Tools per worker) (Workers) (Gaggles of gop) (Gaggles per worker) 2018 8 30 900 2068 13 30 1,620 Initially, the number of tools per worker was higher in Sporon than in Tralfamadore. From 2018 to 2068, capital per worker rises by 5 units in each country. The 5-unit change in capital per worker causes productivity in Sporon…
2. What is the difference between micro and macro inventions in the industrial revolution, in Allen's framework?
5
Please solve and show how you got the solution for by better understanding
4. The catch-up effect Consider the economies of Blahnik and Gribinez, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 50 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 2019 and 2069. Year 2019 2069 Year 2019 2069 Physical Capital (Tools per worker) 11 16 Physical Capital (Tools per worker) 8 13 Blahnik Labor Force (Workers) 30 30 Output (Gobs of goo) 1,800 2,160 Gribinez Labor Force (Workers) 30 30 Output (Gobs of goo) 900 1,620 Productivity (Gobs per worker) Productivity (Gobs per worker) Initially, the number of tools per worker was higher in Blahnik than in Gribinez. From 2019 to 2069, capital per worker rises by 5 units in each country. amount than productivity in Gribinez. This illustrates The 5-unit change in capital per worker…
Q3
43
Assume a Cobb-Douglas production with capital share 1/3; total factor productivity equal to 1, total population in an economy is equal to 1, depreciation rate is 5 percent and saving rate is 10 percent. Then the steady-state level of capital is about: 1.3 O b. 0.3 О с. 0.8 Od. 2.8 O e. 1.6