Labor productivity can best be defined as the ratio of workers in the economy to the population. the ratio of the change in the output of goods and services to the change in the labor hours used. the ratio of the number of workers available to the amount of capital available. the ratio of output of goods and services to the labor hours devoted to that output.

Q: Select all that are true regarding the factors of production.     Land refers to the natural…

A: The production of goods and services to produce income is dependent on factors of production. Factor…

Q: Suppose China has a production function of the form: GDP per worker = Tx (physical capital per…

A: Here, production function of China is given in terms of technology physical capital and human…

Q: Each of the following is generally considered to be a factor of production EXCEPT-  capital money…

A: Factors of production are resources and technology used in the production of goods and services.

Q: Terry's Taco Patio uses corn tortillas, meat, a large property, and workers to make their tacos.…

A: Factors of production are the factors used for producing the goods and service. These factors…

Q: None

A: Given:f(x,y) = 40x3/4 y1/4  x as labory as capital3 units of labour48 units of capital Marginal…

Q: The difference between output (production) and productivity is *   output measures the level of…

A: The question is asking about the difference between two key concepts in economics: output and…

Q: Consider a hypothetical small island nation in which the only industry is cloud computing. The…

A: Production function:Production is a function of land labor capital and entrepreneurship. It includes…

Q: Average labour productivity is equal to

A: Average labor productivity is measured by taking the total output and dividing it by the number of…

Q: Technological progress decreases the marginal product of labor if a new input is developed that is…

A: Marginal product of labor: It is the adjustment in yield that outcomes from utilizing an additional…

Q: Which of the following examples represents the relationship between division of labor and…

A: The relationship between the division of labor and production refers to when the different tasks are…

Q: Derive the per-worker production function for this economy if Y=zK2/3N1/3.

A: Production function shows relationship between inputs and output produced with the inputs

Q: Discuss the contributions of small business to our economy. Explain your answer

A: An economy is the set of different activities like production, trade, and consumption of goods and…

Q: The productivity of labor is defined as the    number of hours a worker spends at work.…

A: Productivity of labor or labor productivity shows the output produced per hour.  The higher…

Q: The following data give real GDP, Y, capital, K, and labor, N, for the U.S. economy in various…

A: Total factor productivity is the measure of the impact of technological advancement and change in…

Q: Suppose total output (real GDP) Is $10,000 and worker-hours are 25,000. We can conclude that labor…

A: Given: Total output=$10,000 Worker hours=25,000 To find:  Labor productivity

Q: The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal…

A: Marginal product of input is the additional output produced by employing an additional unit of the…

Q: By choosing a point along the total physical product curve, physical output is Quantity Outputs y O…

A: In the context of the information in the provided question, the provided production function is…

Q: Relationship between the Quantity of inputs used to make a good and the quantity of output of that…

A: The word production means to produce something and it is related to the various combinations of…

Q: The total product curve shows the relationship between total product a A) the marginal product. B)…

A: Total product refers to the quantity of output that a firm produces using factors of production.

Q: describe the following 1) enterprise 2) Labour 3) land

A: The factors of production refer to the inputs required for the creation of a product or service. It…

Q: Labour-saving technical progress means a) that marginal productivity of capital increases. b) that…

A: Productivity means the ratio of output to inputs. The rise in output increases productivity and the…