Technologies that complement existing labor inputs are known as labor-complementary technologies. With this type of technological change, the marginal productivity of existing labor inputs will increase 1.) Using the line drawing tool, show the impact of this new technology. Label your curve appropriately. Carefully follow the instructions above and only draw the required object.

Technologies that complement existing labor inputs are known as labor-complementary technologies. With this type of technological change, the marginal productivity of existing labor inputs will increase 1.) Using the line drawing tool, show the impact of this new technology. Label your curve appropriately. Carefully follow the instructions above and only draw the required object.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.2P

See similar textbooks

Similar questions

is it true labor productivity is the activity measures output per labor hour per employee?
What is average productivity at 4th unit of labor?
Is it possible to increase the labor productivity in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph
66. Which of the following input factor takes risk, innovates and coordinates А. О Сapital В. Labour C. O Productivity D. O Entrepreneur
in 1977. The base period, fine wood company's unit labor requirements were 2 labor_hours per chair. 4 labor_ hours per table, and 3 labor_hours per bookcase. In 1980 , fine wood company's expended 50000 labor_hours to produce 21000 chair's 3000 tables , and 2000 bookcases. Compute the 1980 productivity index
2. Explain, in words, what is meant by labor augmenting productivity
AnimoSpace Support ? Question 4 Given the isocosts and isoquants of various quantities of labor and capital in the ficure below, which of the ff. is correct? Сapital TC4 TC3 TC2 MP IP = M TC K* R° ISO3 ISO? ISOI Labour L* Quantity that can be produced at ISO3 is less than the quantity that can be produced at ISO2 sr O Ris the combination of L&K that minimizes cost O At least 2 of the choices O None of the Choices O TC3>TC1 a No new data to save. Last checked at 7:59pm o search PrtSc Del F6 F7 F8 F9 F10 Fl1 F12 F2 F3 F4 F5 A+ Pause Scr Lk SysRq Ins #
Draw a graph explaining how a typical worker chooses how many hours to allocate to work. When non-labor income increases, what happens to hours worked? Represent both examples using graph(s).
Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.
Which of the following does NOT explain differences in total factor productivity A? (Hint: remember the difference between a parameter and a variable) O Institutional efficiency Infrastructure O Technology O Labor supply
Suppose that production function of certain devices is determined by: q = k * L - 0.8 k2 - 0.2 L2 Where q represents annual quantity of devices produced, k represents annual quantity of capital factor, and L represents annual quantity of labor factor. (a) Suppose k = 10; draw a graph with average and total labor productivity. What is level of labor (L) factor at which average productivity reaches a maximum? How many devices are produced at that point? (b) Assuming again that k = 10, plot Marginal Product (MP) curve. At what level do we have that labor (L) factor is MP = 0? (c) Suppose capital (k) factor were to increase to k = 20. How would your previous answers change?
Find the average productivity of a factor when the total output is 1440 units and the total number of units of a factor are 18 .