a. Information Communications Technology (ICT) has drastically increased productivity in the service industry. In this example, technology is a to labor that option: complement substitute low-skill high-skill option: decrease does not change increase b. Higher wages may lead firms to change their optimal mix of capital and labor. Over longer time horizons, firms may invest in capital that ultimately replaces repetitive tasks. Examples of this capital are self-checkout stands, restaurant ordering kiosks, and robotic machinery in auto factories. In this example, technology is a to labor that tends to replace creating jobs for workers that can create and utilize the new technologies. complement subsitute the marginal productivity of labor. high wage or high-skill low wage or low-skill Find a dependable career that has been around for awhile. There is no avoiding the replacement of all workers by robots. Position yourself to utilize, create, and/or own the products of new technology. Find a career that features repetitive tasks. jobs, while c. In order to avoid being substituted for capital and position yourself for a long career, what should you focus on?

a. Information Communications Technology (ICT) has drastically increased productivity in the service industry. In this example, technology is a to labor that option: complement substitute low-skill high-skill option: decrease does not change increase b. Higher wages may lead firms to change their optimal mix of capital and labor. Over longer time horizons, firms may invest in capital that ultimately replaces repetitive tasks. Examples of this capital are self-checkout stands, restaurant ordering kiosks, and robotic machinery in auto factories. In this example, technology is a to labor that tends to replace creating jobs for workers that can create and utilize the new technologies. complement subsitute the marginal productivity of labor. high wage or high-skill low wage or low-skill Find a dependable career that has been around for awhile. There is no avoiding the replacement of all workers by robots. Position yourself to utilize, create, and/or own the products of new technology. Find a career that features repetitive tasks. jobs, while c. In order to avoid being substituted for capital and position yourself for a long career, what should you focus on?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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