The graph below represents per-worker production functions for the same country. Answer the following questions using this graph. Real GDP per hour worked, YL Production functiong $17,000 Production 16,400 functiong 16,000 Production function1 15,000 60,000 70,000 Capital per hour worked, K/L $50,000 Which 1 concept explains that the area between B and C has a flatter slope than the area between A and B? а) b) What has to happen for a country to move from point E to B to D? c) The movement through which 3 points (out of 5 given) would indi- cate the largest increase in productivity?
The graph below represents per-worker production functions for the same country. Answer the following questions using this graph. Real GDP per hour worked, YL Production functiong $17,000 Production 16,400 functiong 16,000 Production function1 15,000 60,000 70,000 Capital per hour worked, K/L $50,000 Which 1 concept explains that the area between B and C has a flatter slope than the area between A and B? а) b) What has to happen for a country to move from point E to B to D? c) The movement through which 3 points (out of 5 given) would indi- cate the largest increase in productivity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- The graph below represents per-worker production functions for the same country. Answer the following questions using this graph.
- Which 1 concept explains that the area between B and C has a flatter slope than the area between A and B?
Answer:
Law of Diminishing Marginal Returns
- What has to happen for a country to move from point E to B to D?
Answer:
- The movement through which 3 points (out of 5 given) would indicate the largest increase in productivity?
Answer:
Transcribed Image Text:The graph below represents per-worker production functions for the same
country. Answer the following questions using this graph.
Real GDP
per hour
worked, YL
Production
$17,000
functiong
Production
16,400
function2
16,000
Production
function1
15,000
$50,000
60,000
70,000
Capital per hour
worked, KL
а)
Which 1 concept explains that the area between B and C has a flatter
slope than the area between A and B?
b)
What has to happen for a country to move from point E to B to D?
c)
The movement through which 3 points (out of 5 given) would indi-
cate the largest increase in productivity?
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