Problem 02-06 algo Assume that total output is determined by this formula: number of workers x productivity = total output Hint. Assume there are 100 workers and each worker produces $100 of output. Instructions: Round your responses to one decimal place. a. If the workforce is growing by 3 percent a year but productivity doesn't improve, how fast can output increase? Output can increase by %. b. If productivity increases by 2 percent and the number of workers increases by 3 percent a year, how fast will output grow? Output will grow by %.

ENGR.ECONOMIC ANALYSIS
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Problem 02-06 algo
Assume that total output is determined by
this formula:
number of workers x productivity = total
output
Hint. Assume there are 100 workers and
each worker produces $100 of output.
Instructions: Round your responses to
one decimal place.
a. If the workforce is growing by 3
percent a year but productivity doesn't
improve, how fast can output increase?
Output can increase by [
%.
b. If productivity increases by 2 percent
and the number of workers increases
by 3 percent a year, how fast will
output grow?
Output will grow by
%.
Transcribed Image Text:ed ok ht nces Problem 02-06 algo Assume that total output is determined by this formula: number of workers x productivity = total output Hint. Assume there are 100 workers and each worker produces $100 of output. Instructions: Round your responses to one decimal place. a. If the workforce is growing by 3 percent a year but productivity doesn't improve, how fast can output increase? Output can increase by [ %. b. If productivity increases by 2 percent and the number of workers increases by 3 percent a year, how fast will output grow? Output will grow by %.
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