Labour-saving technical progress means O that marginal productivity of capital increases. that marginal productivity of labour increases. O that marginal productivity of both inputs increases. None of the above is correct.
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- 2.6 The Production Function and Emigration. During the potato famine, many workers left Ireland. Show how this affected output using a production function.Economics Refer to the figure above. If cars are capital intensive and furniture is labor intensive, then according to the HO theory, then this country.. (select all that apply)Suppose the production function is Y = AK0.3N0.7. Suppose in 2010, K = 1000, N = 100, and Y = 199.5. In 2020, capital, labor, and output have doubled, so K = 2000, N = 200, and Y = 399. (a.) By what percentage did productivity grow from 2010 to 2020? (b.) If output had risen to 798 instead of 399, and capital and labor doubled, by what percentage would productivity have grown from 2010 to 2020?
- Which of the following statements about labour productivity (Y/L), also known as the average product of labour are correct? Select one or more: a. With a standard production function, if L falls, without any change in technology or capital, labour productivity must rise b. A rise in labour productivity at the same time as a rise in employment is logically impossible c. A rise in labour productivity must imply job losses d. If Y is fixed a rise in labour productivity must imply job lossesWhat is one negative aspect of technology on productivity? Technology allows for more products to be made in a shorter amount of time. Technology allows companies to reduce the cost of making products. Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs. Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.2.1 The production function illustrates the relationship between.......... and..................
- David Ricardo ([1817] 1965) modified Smith’s model by introducing diminishing returns to land cultivation. Diminishing returns implies that as you apply more of a variable input (labor) to a fixed input (land), the productivity of each additional worker will eventually decline as long as technology isfixed. He claimed that land was of variable quality and finite. Thus, as an economy grows, population grows relative to land, and the productivity of the labor on the land will decline. According to Ricardo, the only way stagnation could be averted, at least temporarily, would be through the trade and imports of cheap food or wage goods. The essential doctrines of John Stuart Mill (1848) differed little, if at all, from those of Ricardo. He, like Smith, believed in the doctrine of laissez-faire , but he also recognized the possibility of modifying the system. He displayed a leaning to the socialist ideal, growing closer as his life advanced. He believed that we should sacrifice economic…1. Diminishing returns to physical capital means that when the state of technology and human capital per worker are fixed, an increase in the amount of physical capital per worker leads to: a smaller increase in the marginal product of labor. a decrease in the total amount of output. negative marginal product. a constant amount of total output. 2. An increase in capital stock would: shift the production function upward. shift the production function inward. shift the production function downward. cause a movement to the right along a stationary production function. cause a movement to the left along a stationary production function.Suppose a country has a population of 120 people, a working-age population of 100 people, its labor force participation rate is 0.5 (50%), and the quantity of output is 60 units. Suppose that the production function of the economy is given by Y=2N, where Y represents the quantity of output and N represents the number of workers needed to produce the output. I know the answer is 0.4 but I don't understand how to get it. Thank you!
- What is the difference between technology and technological change? A. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs. B. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the sameoutput using fewer inputs. C. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. D. Technology is when a firm is able to produce moreoutput using the sameinputs, while technological change is the process of using inputs to make output. E. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs.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.The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of labor, what is capital productivity? Group of answer choices 300 1000 600 150
