Definition of productivity

Reference no: EM133440703

Assignment:

a) State a general definition of "productivity".

b) How does an increase in labour productivity affect the cost of producting goods and services? Explain.

c) In 1975 your grand parent experienced a real increase in standard of living of 8%. Inflation was running at 12%. What nominal percentage raise in salary did they receive that year. Explain.

Reference no: EM133440703

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