Economics, Student Value Edition (7th Edition)
7th Edition
ISBN: 9780134739229
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 22, Problem 22.2.1RQ
To determine
The effect of change in production function per hour worked due to change in capital labor per hour worked and change in technology.
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A small economy increased its capital per hour worked (K/L) from $40,000 to $50,000. As a result, real GDP per worker (Y/L) grew from $20,000 to $25,000. If the economy increases its capital per hour worked by another $10,000 to $60,000, but there is no change in technology, by how much more and in what direction will output per worker change?
Answer neatly with proper explanation of it
Classify each of the following as a movement along or a shift of the production function and provide a justification for your choice.
(1)An increase in the number of machines used in production
(2) An increase in the population growth rate
(3) A new technological innovation
Consider a simple economy whose only industry is printing. In this industry, productivity—the amount of goods and services a worker can produce per hour—is measured by the number of documents one worker prints per hour.
In the following table, match each example to the productivity determinant it represents.
Examples
Human Capital per Worker
Natural Resources per Worker
Physical Capital per Worker
Technological Knowledge
The knowledge workers receive from training sessions on how to use and repair the printing presses
The presses used to print documents
The trees that are used to create pulp for the production of paper
A way of organizing workers among the printing presses that speeds up the printing process
Chapter 22 Solutions
Economics, Student Value Edition (7th Edition)
Ch. 22 - Prob. 22.1.1RQCh. 22 - Prob. 22.1.2RQCh. 22 - Prob. 22.1.3PACh. 22 - Prob. 22.1.4PACh. 22 - Prob. 22.1.5PACh. 22 - Prob. 22.1.6PACh. 22 - Prob. 22.1.7PACh. 22 - Prob. 22.1.8PACh. 22 - Prob. 22.2.1RQCh. 22 - Prob. 22.2.2RQ
Ch. 22 - Prob. 22.2.3RQCh. 22 - Prob. 22.2.4RQCh. 22 - Prob. 22.2.5PACh. 22 - Prob. 22.2.6PACh. 22 - Prob. 22.2.7PACh. 22 - Prob. 22.2.8PACh. 22 - Prob. 22.2.10PACh. 22 - Prob. 22.2.11PACh. 22 - Prob. 22.2.12PACh. 22 - Prob. 22.3.1RQCh. 22 - Prob. 22.3.2RQCh. 22 - Prob. 22.3.3PACh. 22 - Prob. 22.3.4PACh. 22 - Prob. 22.3.5PACh. 22 - Prob. 22.3.6PACh. 22 - Prob. 22.4.1RQCh. 22 - Prob. 22.4.2RQCh. 22 - Prob. 22.4.3RQCh. 22 - Prob. 22.4.4PACh. 22 - Prob. 22.4.5PACh. 22 - Prob. 22.4.6PACh. 22 - Prob. 22.4.8PACh. 22 - Prob. 22.4.9PACh. 22 - Prob. 22.4.10PACh. 22 - Prob. 22.4.11PACh. 22 - Prob. 22.4.12PACh. 22 - Prob. 22.5.1RQCh. 22 - Prob. 22.5.2RQCh. 22 - Prob. 22.5.3PACh. 22 - Prob. 22.5.4PACh. 22 - Prob. 22.5.5PACh. 22 - Prob. 22.5.6PACh. 22 - Prob. 22.5.7PACh. 22 - Prob. 22.5.8PACh. 22 - Prob. 22.5.9PACh. 22 - Prob. 22.1RDECh. 22 - Prob. 22.2RDECh. 22 - Prob. 22.3RDE
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