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- Give typing answer with explanation and conclusion Production function Y=8*K^.33*L^.66 Now what if there is skill biased technological change that makes capital more productive relative to labor such that alpha or the exponent on K rises to .5 and the exponent on L falls to .5 By what % does real wage change? By what % does R/P change?explain the importance of production function and how can we enhance the productivity of a factor.3. Capital labor ratio is denoted by the equation K/L where K=capital and L=labor. If the total amount of capital remains constant over a certain period of time but the number of workers L grows in the same period, will the value of K/L rise or fall? Justify your answer.
- Marginal Produt and Resources How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce? What is the difference between the rates of return for a renewable and nonrenewable resource? How do the rates of return on capital and land differ between a renewable resource and nonrenewable resource? How does the growing demand for food, fuel, and export affect the market for land?Suppose y = k^1/2, total factor productivity is constant and equal to 1, s = 0.40, and d = 0.10. When the economy reaches the steady state, consumption per worker is ________. A.$1.20 B.$2.40 C.$4.80 D.$13.60hy 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?
- Give typing answer with explanation and conclusion Suppose an economy has an increase in labor input of 60 percent, while output has increased by 100 percent. Assuming no change in total factor productivity, calculate the percentage increase in the capital input. (Use the Cobb-Douglas production function Y = A K0.3L0.7)The work force of a certain factory is growing at rate of 2 per month while the average productivity of a worker is growing at a rate of 4 units per month. If the work force is currently 100 and the average productivity per month is 200 units, at what rate is the total productivity per month of the factory increasing? (a) What happens if the work force is declining by 2 per month? (b) What happens if the average productivity is decreasing by 5 per month?a. What does the expression “marginal product of labour” mean? b. Why do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? c. How has that migration of labour been of advantage to other countries?
- Consider the augmented production function Y equals A K to the power of 1 divided by 3 end exponent open parentheses H N close parentheses to the power of 2 divided by 3 end exponent, where Y is output, A is total factor productivity, K is capital, N is the number of workers, and H is average years of education. Suppose that A=2, K=8, and N=1000. What is the average product of labor (or output per worker) if H is 15.7?EXPLAIN the reason of increasing returns to a factora. Is it possible to have diminishing returns to a single factor of production and constant returns to scale at the same time? Discuss.
