Which of the following is not a reason why the division of labor could increase output? Select the correct answer below the trade of similar products belonging to the same industry firms and workers who specialize in a certain product become more productive with learning and practice workers with different characteristics can specialize in the types of production where they have a comparative advantage economies of scale

Which of the following is not a reason why the division of labor could increase output? Select the correct answer below the trade of similar products belonging to the same industry firms and workers who specialize in a certain product become more productive with learning and practice workers with different characteristics can specialize in the types of production where they have a comparative advantage economies of scale

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following is not a reason why the division of labor could increase output?
Select the correct answer below
the trade of similar products belonging to the same industry
firms and workers who specialize in a certain product become more productive with learning and practice
workers with different characteristics can specialize in the types of production where they have a comparative
advantage
economies of scale

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Step 1: Introduce the Concept of Division of Labor

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Step 2: Recognize the Benefits of Specialization

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Step 3: Understand the Principle of Comparative Advantage

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Step 4: Analyze the Impact of Economies of Scale

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Step 5: Distinguish Between Division of Labor and Trade of Similar Products

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Two economies have endowments (K,L) = (100,200) and (K*,L*) = (110,190). With the technology in problem 7, predict the pattern of trade. Explain which country is labor abundant and labor cheap. Problem 7 Draw the production diagram of the economy with the service sector in problem 4 and the manufacturing sector in problem 6. Problem 4 Sketch the cost minimization that occurs with w = $2, r = $3, c - $1, and 0.2 unit of L input. Find the unit input of capital and sketch the unit value isoquant. Describe what happens in this cost minimization if r falls to $2. Problem 6 Given factor prices w - $2 and r = $3, suppose 0.35 units of labor are used in manufacturing to produce $1 of output. Sketch the manufacturing cost minimization and the expansion path. Find KIL in manufacturing.
Question 8 Please awnser question 8 a b and c
I need help with the last two questions
One reason that a large share of the trade between high-income industrial economies is intra-industrytrade is becauseA) Intra-industry it is more advantageous than inter-industry tradeB) high-income industrial economies compete with each other with the same good.C) high-income industrial economies have very different factor endowments in absolute terms.D) it allows firms to take advantage of economies of scale.
Please help me with part a, b and c.
Consider a world composed of two countries, Home (H) and Foreign (F). Individuals living in each country i = H, F have preferences over two goods and y. In each country there is only one factor of production, labour, which is perfectly mobile between industries but immobile between countries. The total labour endowment at Home is LH = 10 and the total labour endowment in Foreign is LF = 10. The marginal product of labour in each industry is constant. At Home, one worker can produce 2 units of good or 1 unit of good y per unit of time; at Foreign one worker can produce 1 unit of good x or 2 units of good y per unit of time. Assume that consumers in Home and Foreign always consume goods x and y in the same quantity regardless of their prices. That is, Cri = Cyi, i = H, F. (a) Calculate the opportunity cost of producing one additional unit of good x in terms of units of good y in Home and Foreign. (b) Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a…
Adam Smith observed that the division of labour is limited by the size of the market. Which one of the following statements is not consistent with this observation? Multiple Choice A limited-sized market can prevent firms from achieving economic capacity A limited-sized market can prevent firms from achieving their minimum efficient scale. A limited-sized market can prevent firms from achieving minimum long-run average cost A limited-sized market can prevent firms from achieving minimum short-run average cost A limited-sized market can prevent firms from achieving excess capacity FER Next >
Can labor specialization be a source of economies of scale (size) within a production plant? Why or why not? Can labor specialization be a source of diseconomies of scale (size)?
Which of the following statements are true about MNCs?a) A MNC is a company that owns or controls production in more than one nation.b) MNCs set up offices and factories for production in regions where they can get cheap labour and other resources.c) This is done so that the cost of production is low and the MNCs can earn greater profits.d) All of the above.
Note : The answer should be typed. double space with 12-point font. What is Specialization and what are the Pros and Cons of it. Give me examples of specialization
Catalog and Study Tools Rental Options College Success Tips Career Success Tips ? Help Give Feedback 5. Problems and Applications Q5 1. Initial Demand and Equilibrium 2. New Output Price Q = 120L-L² MPL = 120- 2L The nation of Ectenia has 40 competitive apple orchards, which sell apples at the world price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard: where is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor. Suppose the world price of apples doubles to $4 per apple. OL=60-0.25W OL=120-2W What is each orchard's labor demand as a function of the daily wage W? OL= 2,400-5W OL=60-0.125W 3. Crop Destruction What is the market's labor demand? OL= 2,400 10W OL= 2,400-5W OL=120 - 10W STEP: 2 of 3 OL=60-0.125W Ectenia has 200 workers who supply their labor inelastically. The equilibrium wage is $ per worker per day. Each orchard hires. that wages are the…
There are two states: Apple State and Banana State. There are four homogeneous goods, one factor input (labor), and unit labor requirements are given in the following table. In addition, wage rate in Apple State is $2 and that in Banana State is $3. If two states agree to trade goods freely, which product(s) will Apple State produce? 0 0 0 0 Textile Fish Soybean Corn Units of labor required per unit of output Apple State Soybean Textile and Fish and Corn Fish, Soybean and Corn Corn 5 4 3 2 Banana State 2 2 4 4