Question

Assume that the hypothetical economy of econoland has 6 workers in year 1, each working 1,400 hours per year (40 weeks at 35 hours per week). the total input of labor is 8,400 hours. productivity (average real output per hour of work) is $10 per worker.

Answer 1

The question is about labor input and productivity in a hypothetical economy called Econoland.

Step-by-step explanation:

The subject of this question is economic productivity in a hypothetical economy called Econoland. The question asks about the total input of labor and productivity level in Econoland based on given information. In year 1, Econoland has 6 workers, each working 1,400 hours per year. The total input of labor is 8,400 hours. The productivity, or average real output per hour of work, is $10 per worker.