Show how the diagram changes if there is an improvement in the technology of food production. Hint: this means that for a given number of hours’ work, Angela can produce more. If Angela is an independent farmer, show how the technology improvement might cause her optimal labour supply to either fall or rise. Which seems more consistent with the data from history?
Show how the diagram changes if there is an improvement in the technology of food production. Hint: this means that for a given number of hours’ work, Angela can produce more. If Angela is an independent farmer, show how the technology improvement might cause her optimal labour supply to either fall or rise. Which seems more consistent with the data from history?
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Show how the diagram changes if there is an improvement in the technology of food production. Hint: this means that for a given number of hours’ work, Angela can produce more.
If Angela is an independent farmer, show how the technology improvement might cause her optimal labour supply to either fall or rise. Which seems more consistent with the data from history?
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