Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section: Chapter Questions
Problem 3CQQ
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Problem 2
Assume that total output is determined by the formula: Total Output = Number of Workers x Productivity
(a) If the workforce is growing by 1 percent a year but productivity doesn’t
improve, how fast can output increase?
(b) If productivity increases by 3 percent and the number of workers increases by 1 percent a year, how fast will output grow?
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