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- hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?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?A firm spends 1.000 pesos regardless of how much output is produced. Every worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L =…
- A firm spends 1.000 pesos regardless of how much output is produced. Every worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L =…Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in bananas production it is 2. There is now also another country, Foreign, with a labor force of 800. Foreign’s unit labor requirement in apple production is 5, while in bananas production it is 1. a) When all the labor in Foreign country only produce apples, how many units of apples can be produce? b) When all the labor in Foreign country only produce bananas, how many units of bananas can be produce? c) What is the opportunity cost of apples in terms of bananas in Foreign country?Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 100, while in banana production is 75. There is now also another country, Foreign, with a labor force of 18,000. Foreign’s unit labor requirement in apple production is 120, while in banana production is 150. If w=2w* , what goods should Home produce? What should Foreign produce?
- 14.Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in Portugal is ____ mhrs/bottle. (Please do NOT reduce fractions to decimals.)A firm spends 1.000 pesos regardless of how much output is produced. Evry worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L =…114.) Output in Rumantily is produced using capital and labor. There is initially a fixed amount of capital (K0), but the amount of labor may be varied in accordance with labor market conditions. What will happen to output per worker and total output in Rumantily if immigration rules are changed so that there is a sharp increase in the immigration of workers from other countries? Decrease, increase Decrease. Decrease Increase, increase Increase, decrease
- Q1. Suppose we are given the constant returns-to-scale CES production function q = [k + l]1/ where k represents capital and l represents labora. a. Show that MPk = (q/k)1 and MPl = (q/l)1 . b. Show that RTS = (k/l)1 ; use this to show that elasticity of substitution between labor and capital= 1/(1 – ). c. Determine the output elasticities for k and l; and show that their sum equals 1.Note: Output elasticity measures the response of change in q to a change in any input. Elasticity of output wrt k is eq,k = %q/%k = (q/k)*(k/q) or (q/k)*(k/q) or lnq/lnkSimilarly for elasticity of output wrt l, eq,ld. Prove that q/l = (q/l) and hence that ln(q/l) = ln(q/l)Case C: Galaxy Multinational. Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexico, and it cannot change the size of the plants or the amount of capital equipment in the short run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 per hour. Given current employment situation, the productivity per worker in Mexico is 200 units per hour, and the productivity per worker in the U.S. is 400 units per hour. Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do? Justify your answer.15. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of cloth in Portugal is ____ mhrs/yard. (Please do NOT reduce fractions to decimals.)
