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 1,000-acre farm. LO22.2

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 1,000-acre farm, what will be the average output per acre? Per worker?

c. By 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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Microeconomics Principles, Problems, And Policies

ISBN: 9781259915727

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Authors: Campbell McConnell

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Question Posted: Sep 30, 2024 07:01 AM

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

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Microeconomics Principles, Problems, And Policies

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