EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 25, Problem 6IAPA
To determine
To illustrate:
The impact on the economy, if in year 1; capital per hour was 30 and in year 2 it was 40.
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Students have asked these similar questions
Describe and illustrate in a graph what happened in the economy in the table below if in year 1, capital
per hour of labor was 30 and in year 2 it was 40.
Capital per hour of
labor
10
20
30
40
50
60
70
Real GDP per hour of labor
In Year 1
7
13
18
22
25
27
28
In Year 2
9
17
24
30
35
39
42
● To produce a Ipad pro : it requires 7 hours of work for
software, 6 hours of work for hardware, 8 hours of work for
decoration. To produce an Iphone : it requires 6 hours of work
for software, 3 hours of work for hardware, 9 hours of work for
decoration. To produce an Apple Watch it requires 8 hours of
work for software, 5 hours of work for hardware, 4 hours of
work for decoration.
• If their workers can produce 10000 hours of work for software,
7500 hours of work for hardware, 9000 hours of work for
decoration. How many Iphone, Ipad pro and Apple Watch can
Apple produce ?
There is a chart for quesition 2 that is attached as an image.
Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?
Hint: The quantity of labor and increases in labor productivity are important sources of economic growth. Between 1953 and 2015, in the US economy the labor force increased from 63 million to 158 million workers. Productivity growth has usually been the more significant factor. To calculate real GDP in a given year you have to multiply hours worked by productivity.
2. Suppose that New Zombie has adopted the framework used by the US Bureau of Labor Statistics to calculate its…
Chapter 25 Solutions
EBK FOUNDATIONS OF ECONOMICS
Ch. 25 - Prob. 1SPPACh. 25 - Prob. 2SPPACh. 25 - Prob. 3SPPACh. 25 - Prob. 4SPPACh. 25 - Prob. 5SPPACh. 25 - Prob. 6SPPACh. 25 - Prob. 7SPPACh. 25 - Prob. 8SPPACh. 25 - Prob. 9SPPACh. 25 - Prob. 10SPPA
Ch. 25 - Prob. 11SPPACh. 25 - Prob. 12SPPACh. 25 - Prob. 1IAPACh. 25 - Prob. 2IAPACh. 25 - Prob. 3IAPACh. 25 - Prob. 4IAPACh. 25 - Prob. 5IAPACh. 25 - Prob. 6IAPACh. 25 - Prob. 7IAPACh. 25 - Prob. 8IAPACh. 25 - Prob. 9IAPACh. 25 - Prob. 10IAPACh. 25 - Prob. 1MCQCh. 25 - Prob. 2MCQCh. 25 - Prob. 3MCQCh. 25 - Prob. 4MCQCh. 25 - Prob. 5MCQCh. 25 - Prob. 6MCQCh. 25 - Prob. 7MCQCh. 25 - Prob. 8MCQ
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