Explain how an increase in human capital changes labor productivity. Do diminishing returns arise?Real GDP per hour of labor (2012 dollars)32-Provide an example of an increase in human capital.28-An increase in human capitallabor productivity andthe diminishing returns to capital.24-O A. decreases; does not eliminateO B. increases; eliminates20-O C. increases; sometimes eliminates and sometimes does not eliminate16-O D. increases; does not eliminate12-E. decreases; eliminates8-An example of an increase in human capital is4-O A. attending collegeOB. your labor productivity increases400.80120160200240Capital per hour of labor (2012 dollars)O C. you work more hours at your part-time jobD. your college buys more computers>>> Draw only the objects specified in the question.In the graph, draw a productivity curve. Label it PCo.Draw a point to show real GDP per hour of labor when capital per hour of labor is $120. Label it 1.Then illustrate the effect of an increase in human capital.Draw either a new productivity curve labeled PC, or an arrow along the curve showing the direction of change.Click the graph, choose a tool in the palette and follow the instructions to create your graph.MacBook AirDIIDD20888F10F11F6F7F8F9escF3F4F5F1F2#$%&!123457QWERTtabFGH.KАcaps lock* 00

An increase in human capital increases labor productivity and does not eliminate the diminishing…

Provide an example of an increase in human capital. An increase in human capital labor productivity and the diminishing returns to O A. decreases; does not eliminate B. increases; eliminates C. increases; sometimes eliminates and sometimes does not eliminate D. increases; does not eliminate E. decreases; eliminates An example of an increase in human capital is

Provide an example of an increase in human capital. An increase in human capital labor productivity and the diminishing returns to O A. decreases; does not eliminate B. increases; eliminates C. increases; sometimes eliminates and sometimes does not eliminate D. increases; does not eliminate E. decreases; eliminates An example of an increase in human capital is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
7. Historically, technology has: A. increased and the demand for labor has decreased as output has increased. B. increased and the demand for labor has increased as output has increased. C. decreased and the demand for labor has decreased as output has decreased. D. decreased and the demand for labor has increased as output has decreased
Choose the correct statement. OA. The demand for capital is perfectly inelastic. OB. The supply of capital is perfectly inelastic. OC. The supply of capital is based on the value of marginal product of capital. OD. The demand for capital is based on the value of marginal product of capital. M
When there is increase in the production, we normally increase the labour rather than the machinery. The more labour employed in the production process, there will be raise in the production, But continuous increase in the labour may lead to decrease in the production after certain point. Here comes the question. How many employees should be employed to get maximum production? Law of variable proportion answers the question of the employment of labour for optimum production? Explain the Law of Variable Proportions in detail?
Can you put a solution to this? Instruction: (see other instructions below, for the submission of answer sheet) A. Complete the Column for MRS. Show your solution for each answer, Number each solution that corresponds to each unknown MRS. B. Graph the Labor-Capital function, making sure that Labor units are in the horizontal axis MRS = change in K/ change in L change in K = final K - initial K change in L = final L - initial L MRS = 26-30 /2-1 MRS = -4/1 MRS = - 4 Units of Labor Capital MRS 1 30 0 2 26 -4 3 22.5 (1) 4 19.5 (2) 5 17 (3) 6 15 (4) 7 13.5 (5) 8 12.5 (6) 9 12 (7) 10 12 (8)
QUESTION 2 Suppose that an economy's production function is y-A/0.5g0.3y0.7, where Y is output, A is total factor productivity, Lis land, K is capital and N is labor. However, we make a mistake and assume that it is given by y-AK03N0.7. In other words, we do not take into account that land L matters. If K and N do not change, but L grows by 19.9%, what would we estimate the growth rate of A to be (approximately, in percent terms)? (Submit your answer with up to two decimals, i.e., 10.22 for 10.22% and 11.44 for 11.442%.)
Answer with short explanation.
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.
Explain Expansion path and the form of the Production Function.
What is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?aHuman resourcesb.Physical resourcesc.Market resourcesd.Working capitale.Planned resources
answer this multiple question
Suppose that aKC = 5, capital used to produce one yard of cloth. aLC = 8, labor used to produce one yard of cloth aKF = 4. capital used to produce one calorie of food aLF = 6. labor used to produce one calorie of food. Which of the following is True? a. Cloth is labor intensive. b. Food is labor intensive. c. Both food and cloth are labor intensive. d. Both food and cloth are capital intensive.