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How fast can output increase

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Reference no: EM132151930

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?

Reference no: EM132151930

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