Increase in output without a proportional increase in workers.

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Answer 1

Question

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

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11:44 Fri Apr 4 Would+You+Take+the+Bird+in+the+Hand Would You Take the Bird in the Hand, or a 75% Chance at the Two in the Bush? BY VIRGINIA POSTREL WOULD you rather have $1,000 for sure or a 90 percent chance of $5,000? A guaranteed $1,000 or a 75 percent chance of $4,000? In economic theory, questions like these have no right or wrong answers. Even if a gamble is mathematically more valuable a 75 percent chance of $4,000 has an expected value of $3,000, for instance someone may still prefer a sure thing. People have different tastes for risk, just as they have different tastes for ice cream or paint colors. The same is true for waiting: Would you rather have $400 now or $100 every year for 10 years? How about $3,400 this month or $3,800 next month? Different people will answer differently. Economists generally accept those differences without further explanation, while decision researchers tend to focus on average behavior. In decision research, individual differences "are regarded…

Answer 2

Question

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

Answer 6

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.

Economics Concept Introduction

Total output: It is the sum total of all final goods and services produced in an economy.

Answer 7

Chapter 16, Problem 1P

To determine

Increase in output without a proportional increase in workers.

Answer 8

Expert Solution & Answer

Explanation of Solution

United States is a capital intensive nation, where labor is substituted for the capital. Therefore the productivity will increase without the increase in workers. Therefore, United States can produce more output with fewer workers.