Need some logical assistance
In 1820 my GDP is $8000, workforce is 500, share employed is 70%, what is my population? what is my output per worker? and what is my GDP per capita?
In 1830 my GDP is $12000, workforce is 600, share employed is 75%, same questions as above.
having a brain freeze!!!
thanks for the assistance
500 is 70% of what? and 600 is 75% of what?
I am assuming I can use the formula, portion=ratexbase. If so,
for the first I get 714.285 and for the second it's 800.
Since 70% of the entire workforce(500) is employed, this would be 350 people actually working from the available workforce.
The second portion; 75% of the workforce(600) is employed, this would be 450 people actually working from the available workforce.
If I want output per worker, I take the GDP and divide it by the actual people working; 8000/350 = 22.86 for the first and 12000/450 = 26.67
As for the GDP per Capita; for the first; 8000/714.28 = 11.20 and for the second; 12000/800 = 15
I believe this makes sense to me. Am I on the ball now?
Thanks for your assistance
Not confused anymore