Question

Assume the mplt = 5 tennis rackets and mplb = 4 baseball bats. if the economy has 100 workers, then the economy can produce?

Answer 1

If the economy has 100 workers, then the economy can produce a maximum of 500 tennis rackets.

Given, MPLT = 5 tennis rackets

MPLB = 4 baseball bats Number of workers =100

So, if the economy has 100 workers, then, 5 × 100 = 500

Hence, the economy can produce 500 tennis rackets.

There are two main sources of growth of the economy. First is the growth in the size of the workforce and second, growth in the productivity of that workforce.

Hence, either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.

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