Business, 29.07.2020 02:01 jennypenny123

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 labor force remains the same. Complete the following tables by entering productivity (in terms of output per worker) for each economy in 2016 and 2036. Year Hermes
Physical Capital Labor Force Output Productivity
(Tools per worker) (Workers) (Gobs of goo) (Gobs per worker)
2016 11 30 3,000
2036 15 30 3,600
Year Gobbledigook
Physical Capital Labor Force Output Productivity
(Tools per worker) (Workers) (Gobs of goo) (Gobs per worker)
2016 8 30 2,400
2036 12 30 3,600
Initially, the number of tools per worker was higher in Hermes than in Gobbledigook. From 2016 to 2036, 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 effectwhich makes itfor countries with low output to catch up to those with higher output.

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Consider the economies of Hermes and Gobbledigook, both of which produce gobs of goo using only tool...

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