2009 2010 Population 400,000 412,000 Number of hours worked 800,000,000 800,000,000 Real GDP ($) 12,000,000,000 12,236,400,000
Labor productivity is equal to real GDP divided by the number of hours worked (thus, the unit of measurement is dollars per hour). What was the growth rate of labor productivity in this economy between 2009 and 2010?
How would I determine the growth rate? Would it be 1.93%? (15.2955-15)/15