What impact do sewing robots have on capital per worker and human capital per worker? What impact does technology have on the use of capital and human capital?

Q: Give the three reasons that explain why the division of labor increases an economy's level of…

A: The division of labor is a fundamental concept in economics that means the specialization of tasks…

Q: How do economies of scale affect business models in manufacturing industries, and how can smaller…

A: Economies of scale refer that when a manufacturing company starts their production on large scale it…

Q: Suppose that the marginal product of labor for a local bakery is 120 units per day and the price of…

A: The least cost combination of factors of production is the quantity of each input that the firms…

Q: Describe the impact on labor wages of physical capital-intensive manufacturing. That is how do…

A: Capital Intensive Manufacturing refers to a high level of investment in Capital i.e., Machinery,…

Q: What is meant by production function. Why it is so significant.

A: A mathematical description of the relationship between inputs and outputs during the creation of a…

Q: Show that increasing returns to scale can co-exist with diminishing marginal productivity

A: Meaning of Law of Variable Proportions: The term law of variable proportions refers to the…

Q: Which of the following is a cause of diminishing marginal productivity? a.In the long run, labor…

A: Marginal Productivity  Marginal productivity or marginal product is the additional output, return,…

Q: What is opportunity cost? As scarce resource, financial capital has opportunity cost. What…

A: Opportunity cost is associated with almost every resource used by individuals when making social and…

Q: Labor and capital can never be substituted for each other. true or false?

A: Factors of production:-  Factors of production, basically refers to the resources employed by people…

Q: If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a…

A: Average cost= Total cost/ Quantity.

Q: Microeconomics divides costs in to “short-run costs” and “long-run costs”. Can “long-run” differ…

A: The short run is defined as the time frame during which wages and prices of other production inputs…

Q: At low levels of production, marginal productivity of labor increases as labor increases. At high…

A: The law of diminishing marginal returns expresses that when a benefit is acquired in a factor of…

Q: Which of the following is an example of technology as the responsible determinant of productivity in…

A: Productivity of labor is the output that is obtained by per unit use of labor. Every nation focused…