Business, 24.03.2020 02:15 crispingolfer1864

Consider the economies of Hermes and Gribinez, both of which produce gobs of goo using only tools and workers. Suppose that, during the course of 30 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 2018 and 2048.Year Hermes Physical Capital Labor Force Output Productivity (Tools per worker) (Workers) (Gobs of goo) (Gobs per worker)2018 11 30 3,000 2048 15 30 3,600 Year Gribinez Physical Capital Labor Force Output Productivity (Tools per worker) (Workers) (Gobs of goo) (Gobs per worker)2018 8 30 2,400 2048 12 30 3,600 ---(use the above table to fill in the blanks below)---Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2018 to 2048, 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 Gribinez. This illustrates the concept of , which makes it for countries with low output to catch up to those with higher output.

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Consider the economies of Hermes and Gribinez, both of which produce gobs of goo using only tools an...