The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the production functions represented in Fig 7a. When an economy moves from Point S to Point V, what change could have caused this move? Technology 3 Technology 2 Technology 1 Output per Capita O G₂ " 5 Fig. 7a ---- R S U V W C₁ C₂ C₂ Capital (physical and human) a. an increase in the quantity of output b. capital deepening c. diminishing marginal product d. technological progress
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1 03. If production is represented by y=AL 2, where L represents employment, what is the marginal productivity of labour when 9 units of labour are employed? a. A/4 b. A/6 OC. A/2 Od. A/3
Louise's individual labour supply curve is upward sloping, which of the following is consistent with Louise's labour supply curve? as the wage rises, the price of leisure increases and so she takes more leisure as the wage falls, she responds by taking less leisure as wage rises, Louise takes less leisure as the wage falls, she will work more hours to buy the same number of goods.
↑ The firm is currently along isocost CE. If the price of labor is $60, then the price of labor is OOO A. $40. B. $60. C. $80. D. $90. CLIE Units of capital 80 Us 60 A 0 B D 60 80 120 Units of labor
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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.
"Production function" is the name for OA. a working part. B. a mathematical relationship between inputs and output. OC. technological change. D. none of the above.
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