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Unformatted text preview: (5) = = Productivity output per hour total outputtotal hours worked (6) = average hours total hourstotal employment (7) Employment-population ratio (a) The percentage of the population (b) = EPR total employmentpopulation (8) = total output population Xtotal outputtotal hoursXtotal hourstotal employmentXtotal employmentpopulation (9) = total output population X productivity X Average hours X EPR (10) Growth equation (a) And equation showing the percentage growth rae of output as the sum of the growth rates of productivity average hours, the employment-population ratio, and population. (11) Page 200 ECON202 BOOK NOTES Chapter 8 (12)...
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- Spring '09