Question 7 Superior technology deteriorates labor productivity and increases total supply of goods & services Shifts AS leftward improves labor productivity and increases total supply of goods & services improves labor productivity and decreases total supply of goods & services
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- 18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?Give the three reasons that explain why the division of labor increases an economys level of production.Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.
- 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).10. Economics: Labor Economics Thank you for your help and support Academic Agent!A job is a contract between a O A. bank; household; capital OB. manufacturer; retailer; entrepreneurial OC. firm; household; labor OD. bank; firm; capital 2 and a 1₁ for providing services.
- Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od notQUESTION 43 Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. 420 390 345 285 210 120 1 (i) (ii) (iii) (iv) O a. (ii) and (iv) only O b. (i) and (iv) only O c. (i) and (iii) only O d. (i) only 2 QUESTION 44 3 4 Refer to Figure 18-1. Based on the shape of the curve, the total product is increasing. total product is decreasing. marginal product is increasing. marginal product is decreasing. 5 6 L
- 00 Question 4 of 20 Which of these is an implicit (opportunity) cost of choosing to attend college instead of working after high school? O cost of eBooks and access codes O cost of tuition O cost of tuition, eBooks and access codes, and the forgone earnings from giving up work O forgone earnings from giving up work 5:19 PM ENG 12/9/2021 f12. ins prt sc delete home end 91 64 I14 144 & backspace num lock 4. 5. D. home enter H. pause shift NProfits are not used for O Capitalist incomes O Interest payments to banks Purchase of new capital goods O Workers' consumptionThe lines on the graph are budget constraints, showing the tradeoff between labor and leisure. Suppose that when the wage changes, an individual chooses to move from point A to another point on the graph. For each of the other points, where would it belong on the backward bending labor supply curve? Backward‑bendingportionVerticalportionUpward‑slopingportion Answer Bank B D F C E