3. Suppose that 10 workers were required in 2010 to produce 40,000 bushels of wheat on a...

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3. Suppose that 10 workers were required in 2010 to produce 40,000 bushels of wheat on a 1000-acre farm. LO2

a. What is the average output per acre? Per worker?

b. If in 2020 only 8 workers produce 44,000 bushels of wheat on that same 1000-acre farm, what will be the average output per acre? Per worker?

c. By how what percentage does productivity (output per worker) increase over those 10 years? Over those 10 years, what is the average annual percentage increase in productivity?

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Economics Principles Problems And Policies

ISBN: 9780073511443

19th Edition

Authors: Campbell Mcconnell ,Stanley Brue ,Sean Flynn

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Question Posted: Sep 28, 2024 03:00 AM

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Economics Principles Problems And Policies

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