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- Define factors of production and describehow they contribute to output.Time Production becomes more capital intensive. What would be the impact on the country's production function? Select one: a. remain unchanged b. shift outwards С. movement upwards along the same curve d. shift inwards e. movement downward along the same curve ge this pageDraw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.
- 3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?The population growth rate increases by 10%. What would be the impact on the country's production function? Select one: a. movement downward along the same curve O b. shift outwards O c. shift inwards O d. remain unchanged O e. movement upwards along the same curveEconomics, physical capital represents the uildings or machines used by a business to produce product. The marginal product of physical capital presents the rate of change of output product with spect to physical capital (informally, if you increase e size of your factory a little, how much more Foduct can you create?). articular model tells us that the output product Y is given, a function of capital K, by Y = AKªL'-a ere A is a constant, L is units of labor (assumed to be stant), and a is a constant between 0 and 1. Determine marginal product of physical capital predicted by this del. ned with CamScanner
- How do I solve the “suppose the total production is 1200 bushels of corn and 100 tons of steel.”4. Explain the idea of the macroeconomic production function to someone who knows no economics. The production function we have discussed relates output per capita to technology, labor (and population growth rate), capital, and hu- man capital. We should properly think of all of these variables as endogenous variables. Think about policies that would affect these. Articulate three policy recommendations for each. Be careful about the distinction between labor and population. Do you think policies that would maximize investment would also maximize welfare? 5. Using the Solow model, explain the effects of the following events on steady state income per capita level and income per capita growth rate of country Adanus using proper terminology: (a) Aliens attack Adanus and destroy all existing factories. Thankfully, the citizens were not affected by the attacks. (b) Adanus receives a large influx of migrants from Mersinis. Population in- creases overnight. The migrants have the same…6. Use the information given here to answer the following questions: Manufacturing: Sales revenue PM QM = 150 Payments to labor=W-LM=100 Payments to capital=Rx K = 50 Agriculture: largsib e diw gairde vil Sales revenue = PA-QA = 150g to song orb og ands and Payments to labor=W.LA = 50 seogqu2.01 Payments to land=RT T=100 admul zboog own soub Holding the price of manufacturing constant, suppose the increase in the price of agriculture is 20% and the increase in the wage is 10%. a. Determine the impact of the increase in the price of agricul- ture on the rental on land and the rental on capital. bas ebens ni b. Explain what has happened to the real rental on land and the real rental on capital. rurgiël od zelimia dosts & al
- explain what is meant by intermediate products and the role they play in the production function.If Microland's economy is at Point B, t could produce more consumer goods OA. only with technological improvements. OB. without sacrificing any capital goods OC. by sacrificing some capital goods. OD. only with additional resources. Capital goods B Consumer goods CSuppose that in the year 2015, Oceanaire, Inc. planned to produce 500,000 units of its lightweight scuba tanks. Of the 500,000 it planned to produce, a total of 30,000 units would be added to the inventory at its new plant in Arizona. Also assume that these units have been selling at a price of $250 each and that the price has been constant over time. Suppose further that this year the firm built a new plant for $5 million and acquired $3.0 million worth of equipment. It had no other investment projects, and to avoid complications, assume no depreciation. Now suppose that at the end of the year, Oceanaire had produced 500,000 units but had only sold 460,000 units and that inventories now contained 40,000 units more than they had at the beginning of the year. At $250 each, that means that the firm added $10,000,000 in new inventory. This year Oceanaire actually invested $ 18000000. (Enter your response as an integer.) Oceanaire planned to invest $ (Enter your response as an integer.)