Labor productivity can best be defined asthe 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.Based on the graph, how is the relationship between labor productivity and real GDP per capita best described?O positiveO negativeinfiniteunrelated

Answer (1); option d (the ratio of the output of goods and services to the labor hours devoted to…

Answered: Labor productivity can best be defined…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Physical capital is A) the factories and machinery used to produce other goods and services. B) the talents, training, and education of workers. C) the financial resources available for investment. D) the physical labor of workers.
0.5 0.5 Given a production function: Y = AK N If output grows at 5%, capital grows at 2% and the number of workers grows at 4%, then technology (or total factor productivity) grows at % ? (Answer in integer only, no decimal place.) Your Answer: Answer Given a production function: Y = AK0.5 N0.5. If output grows at 5%, capital grows at 2% and the number of workers grows at 4%, then technology (or total factor productivity) grows at %? (Answer in integer only, no decimal place.) Your Answer: Answer
The data in the table below represents Total product (TP), for an agri-business involved in potato production. Capital (fixed factor) Labor (variable factor) Output(units) or Total physical product (TPPL) Average physical product (APPL) Marginal physical product (MPPL) 10 0 0 0 - 10 1 7 7/1 = 7.00 7 10 2 20 20/2 = 10.00 13 10 3 39 39/3 = 13.00 19 10 4 55 55/4 = 13.75 16 10 5 66 66/5 = 13.20 11 10 6 70 70/6 = 11.67 4 10 7 70 70/7 = 10.00 0 10 8 67 67/8 = 8.38 -3 At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?
Which of the following is NOT a factor of production? The effort of farmers raising cows for milk. The water used to cool a nuclear power plant. The wages paid to workers. The entrepreneurial skill of a small business owner.
What is one negative aspect of technology on productivity? Technology allows for more products to be made in a shorter amount of time. Technology allows companies to reduce the cost of making products. Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs. Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.
Which of the following changes would increase labor productivity? Group of answer choices Workers in Country Y work in smaller family businesses without large scale equipment. Workers in country X go through extensive technical training in most manufacturing sectors. Workers in country Z use older equipment and computers to reduce cost. Country W reduces the schooling and training required for engineers.
how the data could be better reported to convey the true production
is it true labor productivity is the activity measures output per labor hour per employee?
Utility supplier GasGen is a natural monopoly. This implies that:Select one:a. Economies of scale are of little importanceb. Marginal cost pricing will always yield positive profitsc. Pareto optimal pricing may bring lossesd. Private ownership is the only tenable solution Please tell me which of these is correct
Given the following production function Y=X+4X^2-0.2X^3. At what level of X does the Total physical product (TPP) reach its maximum?
An example of a short-run fixed factor of production is.....a. postage for mailing.b. electricity.C. labor.d. capital equipment.
Sketch a production function relating output to labour input. Now imagine that the amount of capital per person increases, thanks to the government borrowing to invest in more capital. Use dotted lines on the same diagram to show the impact on (i) total output and (ii) the average product of labour. Explain your answer. Imagine that the demographic response to a higher standard of living is strongly positive. Using a different colour of line on the same diagram, show how this demographic response to higher incomes would go on to affect incomes in the future. The population is aware that the government borrowing required to finance this capital investment will need to be paid back via tax rises, so they respond by reducing their spending. Using a “Keynesian cross” framework and sketch diagram, model this response as a fall in autonomous consumption, c0.

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