four reasons do Fogel and Engerman provide in their essay (in the Whaples and Betts book) to explain the increase in cotton output in the 1850s and state the numerical percentage they list
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What four reasons do Fogel and Engerman provide in their essay (in the Whaples and Betts book) to explain the increase in cotton output in the 1850s and state the numerical percentage they list for each reason to explain the increase in cotton output.
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- This is the question EXACTLY as my instructor has proposed it: US coal mining surges in 2017 following last year's record decline Associated Press, June 26, 2017 The United States, China, and India, the world’s largest coal users, have increased coal mining this year by 6 percent following 2016’s record global decline. Among the three countries, production through May is up by at least 121 million tons compared to the same period last year, according to data reviewed by The Associated Press. Despite the increase in production, international coal prices remained stable according to the U.S. Department of Energy. The reasons for this year's turnaround include prospects for policy shifts in the major producing countries and a push by China and India to use coal to provide electricity to more of it's poor, industry experts said. (A) (i) Below, depict the coal market correctly labeling both axes and placing the “2016” on the supply curve and the demand curve; (ii) depict the equilibrium…The following are correct descriptions about the concept of Marginal Productivity of Labor (MPL), EXCEPT: Question 1 options: MPL measures the extra production generated by adding one extra unit of labor. MPL initially increases and eventually declines as more units of Labor are added. From the producer's perspective, The optimal level of labor is the one when MPL = Market Wage and MPL is still Increasing. If MPL increases for any given amount of labor, it will lead to a shift up of the Demand for Labor.Suppose you are considering hiring another worker. Also assume that you are at a firm that is operating at a point where the marginal product of labor is 5 and the price of each unit of labor is $2, and the marginal product of capital is 20 and the price of each unit of capital is $10. Should you hire another worker? If you hire another worker, what will happen to the marginal product of labor and why?
- For Questions 13 and 14, Consider that Kim is a Nurse at a hospital in Atlanta and in 2010 she made an annual salary of $30,000. She has gotten several performance raises and one promotion over the years and in 2019 she earned $46,000 for the year. The Price Index representing her buying power in 2010 was 100 and in 2019 it is 164. It is now 2020 and Kim decided to keep working at that hospital and has worked another year and gotten a raise and another promotion and now her salary is $54,000 per year and the 2020 price index is now 171. NOW, what is the approximate value of her buying power now expressed in 2010 dollars? Question 14 options: $32,927 $26,900 $29,466 $31,579In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $2. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Marginal Resource Units of Total Labor Marginal Product Wage Rate Total Product Revenue Labor Cost Product (Labor) Cost 10 200 $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ %3D Equilibrium level of employment workersConsider Special City that manufactures light fixtures that are sold around the world. Draw their base case Labor Market graph. Now assume there is a national shortage of glass that Special City manufacturers use to create their light fixtures. Show what would be the effect on your Labor Market graph. Lastly, assume the manufacturers change their manufacturing process to use less glass but inadvertently create a very noticeable increase in the smog levels that makes it hard to breathe. Show another variation to reflect the change in your labor market graph, be sure to indicate the effects of the changes on for each of these market changes or combine the graphs, just be sure the changes and new equilibria are legible:
- Given the production function, Y = AK "L(¹-a) assume that a = 1/3. The labor supply equation is LS = 60*w - R In TABLE ONE, each column represents a labor market in medium-run equilibrium. In column two, an increase in on-the-job-search (OJS) has shifted labor supply to the right. In column three, workers' awareness of higher productivity has shifted labor supply back to the left. 1. Complete TABLE ONE. [Round w to two decimal places.] W = 2/3Y L TABLE ONE Y A K L W R (u) 1 (a) (b) 6000 398 8.23 (c) 21 2 5444 (d) 6000 (e) 8.54 70 (u) = Bw-L-R 3 5.3 6000 415 (h) 75 (1)Q1). Suppose the labor market is initially at its equilibrium, i.e., the labor supplied equals the labor demanded. Now suppose IBM develops a new computer chip that makes computer incredibly faster. Explain and show graphically how the arrival of a new, more productive technology affects the labor market. Draw the full graph and provide a detailed explanation of the effect. Label the axes/curves, explain why either the aggregate labor demand curve or the aggregate labor supply curve shifts and describe the economic mechanism that moves the economy from the old to the new equilibrium.Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous. please answer two questions
- Consider the fast food industry in the United States. Research existing estimates of the demand for fast food, the labor share for fast food, and the elasticity of substitution between capital and labor in the fast food industry. Based on the estimates in the literature, what is a plausible range of values for the elasticity of labor demand for the fast food industry? Thanks!Use the graph to answer the question that follows. Based on the chart above, if the product sells at a price of $10 per unit, what is the marginal revenue product of the seventh unit of labor? 0 $6.50 About $5 About $25 IndeterminateAssume that a shirt manufacturer faces a Cobb-Douglas production function, q 4K0.5 10.5 where q is output per period, L is labor, K is capital. The market price of labor (w) is $100 per unit and the price of capital (r) is $200 per unit. a. b. Specify the short-run MP, and AP, functions and illustrate these functions graphically for L = 10 to 60 units (assume that the level of capital (K) is 9; use increments of 10 units of labor). Explain if this production function has diminishing returns. Given the input prices above, specify the firm's short-run total and per-unit cost functions (no graphs are required).
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