EBK MICROECONOMICS
2nd Edition
ISBN: 9780134524931
Author: List
Publisher: YUZU
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Question
Chapter 11, Problem 7Q
To determine
The difference between worker-saving and worker-complementary technology using examples.
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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?
i want real life examples of labor-intensive technology and capital-intensive technology :)
What is the difference between the labor intensive production and capital intensive production approach.
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Similar questions
- Assuming labor is the only variable factor and paid at a constant wage rate ? show that the average variable cost (AVC) is inversely related to productivity?arrow_forwardA- what is prodcution technology? and give an example for the concept. B- What is the labor-intensive technology and what is the capital-intensive technology? explain the difference by providing for each concept an example. And thank you!arrow_forwardIs it possible to increase the labor productivity in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a grapharrow_forward
- What impact do sewing robots have on capital per worker and human capital per worker? What impact does technology have on the use of capital and human capital?arrow_forwardIdentify 10 examples of direct factors (labor, capital, technology, resources) used for production and 10 examples of indirect factors (i.e factors other than labor, capital, technology, or resources).arrow_forwardWhat 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.arrow_forward
- In choosing a production technology, how will firms react if one input becomes relatively more expensive?arrow_forwardDistinguish carefully between labor-augmenting and labor-saving technological change. Explain your answer with an example of each (needs to be at least 100 words )arrow_forwardTrue or False A production function in "economics" summarizes the technological relationship between inputs and outputs.arrow_forward
- explain the relevance of the stages of production in economics to a business operatorarrow_forwardExplain any assumptions and arguments we must use in order to conjecture that firms choose the production level that minimises their average cost under some reasonable conditions.arrow_forwardWhat 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.arrow_forward
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