Consider the economies of Hermes and Gobbledigook, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 20 years, the level of physical capital per worker rises by 4 tools per worker in each economy, but the size of each labour force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2013 and 2033. Hermes Physical Capital Labour Force Output Productivity Year (Tools per worker) (Workers) (Gobs of goo) (Gobs per worker) 2013 11 30 3,000 2033 15 30 3,600 Gobbledigook Physical Capital Labour Force Output Productivity Year (Tools per worker) (Workers) (Gobs of goo) (Gobs per worker) 2013 8 30 2,400 2033 12 30 3,600 Initially, the number of tools per worker was higher in Hermes than in Gobbledigook. From 2013 to 2033, capital per worker rises by 4 units in each country. The 4-unit change in capital per worker causes productivity in Hermes to rise by a amount than productivity in Gobbledigook. This illustrates the concept of , which makes it for countries with low output to catch up to those with higher output.

Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?

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Consider the hypothetical economies of Thalassa and Pelheim, both of which produce cases of argo using only workers and tools. Suppose that, during the course of 25 years, the level of physical capital per worker rises by 4 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 2043. Physical Capital Year (Tools per worker) 2018 13 2043 17 Year 2018 2043 Physical Capital (Tools per worker) 10 14 Thalassa Labor Force (Workers) 60 60 Output (Cases of argo) 6,000 7,200 Pelheim Labor Force (Workers) 60 60 Output (Cases of argo) 4,800 7,200 Productivity (Cases per worker) Productivity (Cases per worker) Initially, the number of tools per worker was higher in Thalassa than in Pelheim. From 2018 to 2043, capital per worker rises by 4 units in each country. The 4-unit change in capital per worker causes productivity in Thalassa to rise by a amount…

Economics Suppose output per worker in the US is four times (4.0) output per worker in China. Suppose capital per worker in the US is twice that of China. You should assume that the share of capital in income is 40 percent for both countries. Total factor productivity (A) for the U.S is. A)Four times higher (4.0) than China B)U.S TFP is beľow China. C)US TFP is twice (2.0) as high. D)U.S TFP is equal to China. EJU.S TFP is 3.2 times higher than China.

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Please answer the following question as soon as possible. Thanks a lot! Imagine we live in a classical world. Suppose that the production function is ? = ?^(1/2)?^(1/2), where L is the amount of labor and K is the amount of capital. The economy has 100 units of labor and 100 units of capital.

not use ai please

The table below represents Freedonia's macroeconomic data for 2003 and 2004. Year Y K 2003 2000 1700 70 2004 2100 1785 75 a. What is the economic growth rate of Freedonia from 2003 to 2004? Show your calculation. b. What is the capital growth rate from 2003 to 2004? Show your calculation. c. What is labor growth rate from 2003 to 2004? Show your calculation. d. Suppose the production function is given by Y = AKO.25L0.75. Use two %3D approaches to solve for the growth rate of total factor productivity (A) from 2003 to 2004. Show your calculation.

Help with part D.