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Productivity, Inflation
If a change in productivity occurs, what are the changes to
equilibrium output, prices, and the unemployment level.

Assume that right now, the consensus in the economic group
is that the economy is already operating below full-employment. Can you help me
understand the likely effects of increasing productivity on equilibrium GDP?

Do you think the increase in productivity is likely to move
the economy closer to full-employment or farther away?

Regarding inflation, how are price levels are likely to
change? Assuming high levels of unemployment, and workers wouldn’t be getting
wage raises very easily, will the change in productivity likely increase or
reduce prices in the economy?Productivity, InflationIf a change in productivity occurs, what are the changes to
equilibrium output, prices, and the unemployment level.Assume that right now, the consensus in the economic group
is that the economy is already operating below full-employment. Can you help me
understand the likely effects of increasing productivity on equilibrium GDP?Do you think the increase in productivity is likely to move
the economy closer to full-employment or farther away?Regarding inflation, how are price levels are likely to
change? Assuming high levels of unemployment, and workers wouldn’t be getting
wage raises very easily, will the change in productivity likely increase or
reduce prices in the economy?

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