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Describe the effect of each of the following on “the potential income” and on “the standard of living” using macroeconomic production function and labor market equilibrium (Note: draw separate graphs for each.) (Hint: Review the slides and recordings of Lectures 3-4 for similar graphical analysis). a) Development of a new technology that increases the productivity of workers. b) An increase in the country’s population. c) Establishment of new manufacturing factories by increased investments.

Describe the effect of each of the following on “the potential income” and on “the standard of living” using macroeconomic production function and labor market equilibrium (Note: draw separate graphs for each.) (Hint: Review the slides and recordings of Lectures 3-4 for similar graphical analysis). a) Development of a new technology that increases the productivity of workers. b) An increase in the country’s population. c) Establishment of new manufacturing factories by increased investments.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Describe the effect of each of the following on “the potential income” and on “the standard of living” using macroeconomic production function and labor market equilibrium (Note: draw separate graphs for each.) (Hint: Review the slides and recordings of Lectures 3-4 for similar graphical analysis).
a) Development of a new technology that increases the productivity of workers.
b) An increase in the country’s population.
c) Establishment of new manufacturing factories by increased investments.

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