For three years, there was no technological change in Longland but capital per hour of labour increased from $10 to $20 to $30 and real GDP per hour of labour increased from $3.80 to $5.70 to $7.13. Then in the fourth year, capitalper hour of labour remained constant but real GDP per hour of labour increased to $10. Longland, experience diminishing retums because,OA. does not in the fourth year capital per hour of labour does not changeOB. does; as capital per hour of labour increases, real GDP per hour of labour increases but by smaller amountsOC. does not; as capital per hour of labour increases, real GDP per hour of labour also increasesOD. does; in the fourth year capital per hour of labour does not changeOE. does; all countries experience diminishing returns

This issue is related to the economic idea of "diminishing returns" and is widely explored in…

three years, there was no technological change in Longkand but capital pe hour of labour remained constant but real GDP per hour of labour increas OA. does not in the fourth year capital per hour of labour does not change OB. does; as capital per hour of labour increases, real GDP per hour of las OC. does not as capital per hour of labour increases, real GDP per hour- OD. does; in the fourth year capital per hour of labour does not change E does, all countries experience diminishing res

three years, there was no technological change in Longkand but capital pe hour of labour remained constant but real GDP per hour of labour increas OA. does not in the fourth year capital per hour of labour does not change OB. does; as capital per hour of labour increases, real GDP per hour of las OC. does not as capital per hour of labour increases, real GDP per hour- OD. does; in the fourth year capital per hour of labour does not change E does, all countries experience diminishing res

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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Assume that Economyland’s production function is Y = F (K, L) = K 0.5 L 0.5Where Y is output level, K is the amount of capital input, and L is the amount of laborinput. a) What is the per-worker production function, y= f (k) for Economyland? b) Assume that 10 percent of capital depreciates each year and savings rate is 20 percent,find the steady-state level of capital per worker for Economyland. Then find the steady-state levelof income per worker and steady-state level of consumption per worker. c) Is it possible to save too much? Why?
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d. 15. A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: е. TECHNOLOGY1 TECHNOLOGY 2 TECHNOLOGY 3 f. Daily Output K L K K 19. The 100 3 7 4 5 Aur 150 3 10 4 7 the 200 4 11 5 8 6 6 the 250 5 13 6 10 7 8. ren Acr the a. Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, which technology is cheapest? b. Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day but labor cost is only $40 per unit per day. For each level of output, which technology is cheapest? c. Suppose the firm moves from a high-wage to a low-wage country but its level of output remains constant at 200 units per day. How will its total employment change? Em and
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