Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Chapter 19, Problem 8TY
To determine
Explain the beneficial externality.
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Chapter 19 Solutions
Economics: Principles & Policy
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- Show how the diagram changes if there is an improvement in the technology of food production. Hint: this means that for a given number of hours’ work, Angela can produce more. If Angela is an independent farmer, show how the technology improvement might cause her optimal labour supply to either fall or rise. Which seems more consistent with the data from history?arrow_forwardSome less-developed nations are unable to devote resources to various research and development projects. Attempting to increase their economic growth, sometimes they acquire pharmaceutical or technological goods and reverse engineer them to determine how they’re made, then sell them in domestic markets. Is it ethical and/or necessary to produce and sell a product without having developed it and not having a patent for the product? What could be the short run and long run consequences of such an action?arrow_forwardAt low levels of production, marginal productivity of labor increases as labor increases. At high levels of production, marginal productivity of labor decreases as labor increases. Are these two statements contradictory? Explain.arrow_forward
- Marx writes that “labour itself, … insofar as its purpose in general is the mere increase of wealth … is harmful and pernicious.” What does he mean by that?arrow_forwardWhat 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_forwardSome scholars have asserted that “human resource planning is not an important function to be undertaken in organizations, after all when you find out people are more you can instantly lay some off, and if less you can just replace. To what extent do you agree with this assertion?arrow_forward
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