Physical capital isthe factories and machinery used to produce other goods andservices.●e●●the talents, training, and education of workers.the financial resources available for investment.the physical labor of workers.

Actual CAPITAL or physical capital ARE THOSE PHYSICAL INPUTS WHICH ARE FURTHER USED IN THE…

Physical capital is the factories and machinery used to produce other goods and services. ● ● ● ● the talents, training, and education of workers. the financial resources available for investment. the physical labor of workers.

Physical capital is the factories and machinery used to produce other goods and services. ● ● ● ● the talents, training, and education of workers. the financial resources available for investment. the physical labor of workers.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section18.4: The Other Factors Of Production: Land And Capital

Problem 4QQ

See similar textbooks

Related questions

Q: The marginal product of labour tells us A. which employee is the most productive. B. the average…

A: A measure of the effectiveness of workforce performance in producing output is labour productivity.…

Q: Give the three reasons that explain why the division of labor increases an economy's level of…

A: The division of labor is a fundamental concept in economics that means the specialization of tasks…

Q: Describe the impact on labor wages of physical capital-intensive manufacturing. That is how do…

A: Capital Intensive Manufacturing refers to a high level of investment in Capital i.e., Machinery,…

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: Productivity is best defined as Group of answer choices the quantity of goods and services produced…

A: The four determinants of productivity are physical capital, human capital, natural resources, and…

Q: Discus demand and supply factors of production in theory of the firm and provide examples

A: Factors of production are the resources needed for producing goods and services. They include:1.…

Q: What is the total quantity produced when the firm employs 8 workers? ___ Units 2. What is the…

A: Total product is the summation of the all unit which are produced by using factor of Production. On…

Q: Identify the three important factors in the production system. Explain each in your own words.…

A: Production function: The term production means producing something and it is related to the…

Q: Estimate a quadratic production function where Q= output; L= labour input; K= capital input.

A: In economics, the Cobb-Douglas Production function is the relationship between two or more…

Q: If Jimmy's Dairy, cheese producer, keeps hiring more workers for their production lines, the total…

A: In evaluating the impact of hiring more workers at Jimmy's Dairy, a cheese producer, on their total…

Q: PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS) 1…

A: Plant Outputs(Tons) Capital($) Labor Hours(Hrs) Q*=lnQ K*=lnK L*=lnL 1 605.3 18891 700.2 6.41 9.85…

Q: Human capital refers to the accumulated skills and training that workers have. O the money people…

A: Human capital is extremely crucial to a company since it is frequently claimed that an organisation…

Q: If more and more labor is employed while keeping all other inputs constant, the marginal physical…

A: Input: It is a factor of production that is used for producing output.

Q: What is the difference between total and marginal product? Total product is the output…

A: To determine the difference between Total Product (TP) and Marginal Product (MP).

Q: discussing factors of production. How would you determine the demand for a factor of production?…

A: Factors of production:- a) Capital. b) Land. c) Labor. a) The demand for a production factors is…

Q: A firm uses two inputs in production: capital and labour. In the short run, the firm cannot adjust…

A: A production function is the relationship between inputs used and output generated. Optimal use of…

Q: Which would shift the production function upward? Group of answer choices An increase in the price…

A: Production function is the relationship between the quantity produced and the factors used in…

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: As defined by economists, the labor resource is the human capital input into the production process.…

A: factors of production are very important in the process of production and they are Labour , Capital,…

Q: What are some factors of production which are important for any firm to produce goods. These factors…

A: Factors of production are one of the requirements that would lead to the good or service, in the…

Q: A firm produces and sells a good for $95. To produce this good they purchased materials for $11,…

A: Value added = Value of output - Intermediate consumption

Q: The economic concept of "value" is a function of costs of production labor costs calculus statistics…

A: The economic concept of value is worth that an individual or society attaches to a particular good…

Q: The owners of capital resources are compensated according tothe a. purchase price of the capital…

A: Capital resources are human-made resources that aid in the production of a good or service. Examples…

Q: Labour is the beginning and end of production. Explain

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: of the following statements about worker productivity and labor costs are true, EXCEPT: A.…

A: Worker productivity refers to total output divided by quantity of labor employed. It is also known…

Q: how changes in productivity influence the demand for labor.

A: In a market, labor is one of the important input resources that is used to generate or produce…

Q: Physical capital is A) the factories and machinery used to produce other goods and services. B) the…

A: In business and economics, there are numerous production elements or steps that go into creating a…

Q: Define the term, "human capital."

A: We all know that better education, advance training, skills and expertise gained through…

Q: If more and more labor is employed while keeping all other inputs constant, the marginal physical…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Question 16 When is it not in the best interest of a company to hire additional workers in the short…

A: Demand for labor, also called derived demand, signifies the units of labor that a business company…

Q: Describe the need to be flexible in their approach to work, responding positively to changes or…

A: Workplace flexibility is a vital method that allows businesses to recruit and retain skilled…

Q: Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Give the three reasons that explain why the division of labor increases an economy’s level of…

A: The division of labor refers to the goods and services produced being divided into various tasks…

Question

Physical capital is
the factories and machinery used to produce other goods and
services.
●
e
●
●
the talents, training, and education of workers.
the financial resources available for investment.
the physical labor of workers.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

The productivity of labor is defined as the number of hours a worker spends at work. number of hours it takes a worker to produce a unit of output. total output produced by the labor force. output produced by a worker per hour.
Marginal Produt and Resources How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce? What is the difference between the rates of return for a renewable and nonrenewable resource? How do the rates of return on capital and land differ between a renewable resource and nonrenewable resource? How does the growing demand for food, fuel, and export affect the market for land?
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.
how the data could be better reported to convey the true production
Define the term, "human capital."
Labour is the beginning and end of production. Explain
The term that describes the consisting of workers with a common set of skills who are joined together in a common assiciation, irrespective of where, or for whom, they work.
Which of the following is a factor of production at a university? electricity Scantron sheets the faculty lab concentrations to use in experiments
Explain the Economic Function of the Entrepreneur
28. Which of the following input resource(s) can be used to measure the productivity of a firm? a.Material input b.Capital and Land Input c.Labour input d.All of the above
Kinds of technical progress that relates to the way factors are combined together in the workplace, such as management and organizational innovations.a. embodied technical progressb. disembodied technical progressc. embellished technical progressd. dis-embellished technical progress
The marginal product of labour tells us A. which employee is the most productive. B. the average output produced by each employee. C. the additional output produced by the last employee hired. D. how much money the firm can make from hiring each employee.