Need help, Wil upvote thank you! Assume that total output can be computed by using the...
Need help, Wil upvote thank you!
Assume that total output can be computed by using the following formula:
Total output = number of workers x productivity
Assume that there are 120 workers and each worker produces $200 of output.
How fast can output increase if the workforce increases by 5% and productivity increases by 7? Round your answer to 2 decimal places as a percentage.
Homework Answers
Total output = Number of workers * Productivity
Total Productivity with 120 worker and productivity = 200
Total Output = 120 * 200 = 24,000
If workforce rises by 5% which means workforce is 120 + 120 * 0.05 = 126 while productivity rise by 7% which means new productivity is 200 + 200 * 0.07 = 214
Total Output would be = 126 * 214 = 26,964
% change in total output = [(26,964 - 24,000) / 24,000] * 100 = 12.35%
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