Assume capital and labor are complementary in the production of wooden figurines. Which of the following increases the demand for labor? 4. An increase in the wage rate for workers in other labor markets A decrease in the price of figurines An increase in worker productivity An increase in the price of capital An increase in the wage rate A. В. С. D. Е.

Assume capital and labor are complementary in the production of wooden figurines. Which of the following increases the demand for labor? 4. An increase in the wage rate for workers in other labor markets A decrease in the price of figurines An increase in worker productivity An increase in the price of capital An increase in the wage rate A. В. С. D. Е.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose Charles owns a lawn-mowing company. Assume that without workers, no yards are mowed. When he hires one worker, he is able to mow 5 yards per day. With two workers, he can mow 12 yards per day, and with three workers, he can mow 19 yards per day. The marginal product of the first worker is _________ yards per day.
Relationship between the Quantity of inputs used to make a good and the quantity of output of that good is called ………… a) Production function b) None of the mentioned c) Import d) Export
You are trying to figure out the multifactor productivity of your carrot farm. You had production of 436 pounds of carrots. You spent $1.50 per pound on fertilizer and used 2 pounds of fertilizer. Planting expenses were $50, and harvesting expenses were 190 hours at $10 per hour. What is your multifactor productivity, rounded to one decimal place?
Note:The answer should be typed.
5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250 and K= 25, what is the output of auto parts? If L increases to 350, what is the output of auto parts? What does the change in output show regarding labor as a factor of production?
Economics Modify the Lewis model and assume that there is a strictly positive marginal product of labor in the traditional sector. Use figures with production functions in the traditional and the modern sectors to show what the equilibrium is when no one wants to move away from agriculture. What assumptions do you have to make about production functions to arrive at the conclusion that fewer people will end up in agriculture? Use the same starting point as in the above question. Derive the demand for labor in the traditional and in the modern sectors. Show graphically what the characteristics of the equilibrium would look like when no one wants to change sectors.
“When computers were first introduced in production, what affect do you think they had on labor productivity? Explain and illustrate this effect on the long-run equilibrium levels of output and the price level.”
Economics: Industrial Economics Question: 1 A firm produces output according to the following production function: q = 10 K^1/4 L^1/4 The price of capital is r = 9 and the price of labor is w = 25 and there is a set-up cost F = 90 that the firm only pays if it decides to produce in the market. If the firm wants to produce 'q' units of output, solve the cost minimization problem. Obtain total cost C* (as a function of output level q). Now assume that the firm operates under monopoly and the inverse demand function is p = 115 - 2 q Use the solution to the cost minimization problem to solve the profit maximization problem of this firm. Determine this firm's price p*. Please Show your Work. a. 55 b. 75 c. 85 d. 65 Question: 2 A firm produces output according to the following production function: q = 10 K^1/4 L^1/4 The price of capital is r = 9 and the price of labor is w = 25 and there is a set-up cost F = 90 that the firm only pays if it decides to produce in the market. If the firm…
29) How many units of labor will the AquaPlant hire based on the figures from the table? 30) What is the economic concept associated with the decline in MPL as the number of labor units increase?
Problem 1 - Macroeconomics - please help.
As the productivity of labor rises, so will the demand for labor. True – False: Explain