Business, 02.04.2020 16:23, lifewkeya

4. The catch-up effect Consider the economies of Hermes and Gribinez, both of which produce glops of gloop 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 2021 and 2051. Year Hermes Physical Capital Labor Force Output Productivity (Tools per worker) (Workers) (Glops of gloop) (Glops per worker) 2021 7 30 3,000 2051 11 30 3,600 Year Gribinez Physical Capital Labor Force Output Productivity (Tools per worker) (Workers) (Glops of gloop) (Glops per worker) 2021 4 30 2,400 2051 8 30 3,600 Initially, the number of tools per worker was higher in Hermes than in Gribinez. From 2021 to 2051, 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 effect.

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4. The catch-up effect Consider the economies of Hermes and Gribinez, both of which produce glops of...