Imagine there is a technological change which permanently makes all manufacturing workers more productive at their jobs. This means that firms will be able to produce goods at a lower cost and assume that workers will earn more in wages. Is this a shift in long-run or short-run aggregate supply or both? Is there a change in aggregate demand? Illustrate your answers withgraphs.
Economics:
Economics:
Imagine there is a technological change which permanently makes all manufacturing workers more productive at their jobs. This means that firms will be able to produce goods at a lower cost and assume that workers will earn more in wages. Is this a shift in long-run or short-run aggregate supply or both? Is there a change in aggregate demand? Illustrate your answers withgraphs.
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