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23 Mar 2018
Suppose that the table below shows an economys relationship between real output and the inputs needed to produce that output:
Input
Quantity Real
GDP 300.00 $400 225.00 300 150.00 200
Round your answer to two decimal places.
1. What is the level of productivity in this economy?
2. What is the per-unit cost of production if the price of each input unit is $5?
3. Assume that the input price increases from $5 to $6 with no accompanying change in productivity.
What is the new per-unit cost of production?
Round your answer to three decimal places.
4. Suppose that the increase in input price does not occur but, instead, that productivity increases by 25% percent.
What would be the new per-unit cost of production?
Suppose that the table below shows an economys relationship between real output and the inputs needed to produce that output:
| Input Quantity | Real GDP |
| 300.00 | $400 |
| 225.00 | 300 |
| 150.00 | 200 |
Round your answer to two decimal places.
1. What is the level of productivity in this economy?
2. What is the per-unit cost of production if the price of each input unit is $5?
3. Assume that the input price increases from $5 to $6 with no accompanying change in productivity.
What is the new per-unit cost of production?
Round your answer to three decimal places.
4. Suppose that the increase in input price does not occur but, instead, that productivity increases by 25% percent.
What would be the new per-unit cost of production?
Nestor RutherfordLv2
25 Mar 2018
