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- Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?Give the three reasons that explain why the division of labor increases an economys level of production.
- 1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?2. According to data from the Longitudinal Survey of Companies of 2017, labor productivity in Chile is higher, on average, in larger companies, being large companies (86.5 million pesos per workerper year) almost 6 times more productive than microenterprises (15 million pesos per worker per year). Does this observation necessarily contradictthe Law of Diminishing Returns? How could it be explained that workers are more productive in larger companies? 3. Boco has a very popular pastry shop in his neighborhood. To carry out his work, he hires two productive factors: kilos of flour (H) and hours of use of a mixing machine (M). Its production function is given by f (H, M) = [min (H, aM)] b with a greater than zero. Using this information, determine what kind of returns to scale the technology presents that Boco uses. 4. When all inputs have decreasing marginal productivities, then the production functions exhibit diminishing returns to scale. True or False. Justify your answer.2.6 The Production Function and Emigration. During the potato famine, many workers left Ireland. Show how this affected output using a production function.
- Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph. NOTE = PLEASE EXPLAIN IN DETAIL EVERYTHING. EXPLANATION DOES NOT MEAN DESCRIPTION. EXPLAIN EVERY DETAIL LONG.Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph. NOTE = PLEASE EXPLAIN IN DETAIL EVERYTHINGexplain the importance of production function and how can we enhance the productivity of a factor.
- Question: Suppose the firm's only variable input is labor. Using the table, what level of output corresponds to where the firm's production fuction begins to rise at a diminishing rate? Also, at what level of output would the firm's average product of labor (APL) be maximized? Explain.1. Is it possible to increase the labor productivity (output per unit of labor) in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph.Xplain how advances in technology change labor productivity. Do diminishing returns arise? Provide an example of an advance in technology. Use a graph of the productivity curve to illustrate your answer.
