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Consider the production function Y = z. K³NL where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. If we double the technology factor, z, then output will double. Select one: O True O False If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Select one: O True O False We would need to increase capital input by a factor of 8 to double output. Select one: O True O False Increasing technology will increase labour productivity. Select one: O True

Consider the production function Y = z. K³NL where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. If we double the technology factor, z, then output will double. Select one: O True O False If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Select one: O True O False We would need to increase capital input by a factor of 8 to double output. Select one: O True O False Increasing technology will increase labour productivity. Select one: O True

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider the production function Y = z. K³NL where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. If we double the technology factor, z, then output will double. Select one: O True O False If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Select one: O True O False We would need to increase capital input by a factor of 8 to double output. Select one: O True O False Increasing technology will increase labour productivity. Select one: O True
Transcribed Image Text:Consider the production function Y = z. K³NL where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land. If we double the technology factor, z, then output will double. Select one: O True O False If we increase the population, and therefore the workforce, then if nothing else changes, the average product of labour must increase. Select one: O True O False We would need to increase capital input by a factor of 8 to double output. Select one: O True O False Increasing technology will increase labour productivity. Select one: O True
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