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Assume that an economy has 1000 workers, each working 2500 hours per year. The total output will be $500,000,000.
What is the unitary method?
The unitary method is a method for solving a problem by the first value of a single unit and then finding the value by multiplying the single value.
Assume that an economy has 1000 workers, each working 2500 hours per year.
If the average real output per worker-hour is $20, then the total output or real GDP will be:
$20 x Total number of hours - 2500 hours x Total number of workers in the economy
= 1000 workers
Therefore
The total output = 20 x 1000 x 2500
= $500,000,000
The total output will be $500,000,000.
Learn more about the unitary method;
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