Complete the table by calculating physical capital per worker as well as labor p

Question

Complete the table by calculating physical capital per worker as well as labor productivity Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity the quantity of goods per hour of labor. Physical Capital per Worker (Fishing poles) Labor Hours (Hours) 4,000 4,200 Labor Productivity (Fish per hour of labor) Physical Capital Labor Force Year (Fishing poles) (Workers) 2013 2014 Output (Fish) 36,000 50,400 300 100 480 120 Based on your calculations productivity from 2013 to 2014 in physical capital per worker from 2013 to 2014 is associated with in labor Suppose you're in charge of establishing economic policy for this small island country Which of the following policies would lead to greater productivity in the fishing industry? Check all that apply Subsidizing research and development into new fishing technologies Imposing a tax on fishing poles Imposing restrictions on foreign ownership of domestic capital Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts

Explanation / Answer

Physical capital per worker Labour productivity

2013 : 300/100=3 =36000/4000=9

2014 4 =50400/4200=12

Incrrease in physical capital per worker associated with increase in Labour productivity

Subsidizing research and development would lead to greater producitivty.

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