This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is technological change? What will be an ideal response?[br][br][b][color=gray]Question ... (Read 40 times)

jwb375

  • Hero Member
  • *****
  • Posts: 540
on: Jun 29, 2018
What is technological change?
 
  What will be an ideal response?

Question 2

Suppose that a hurricane destroys part of the tobacco crop in North Carolina.
 
  What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Tabitha_2016

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jun 29, 2018
Answer to Question 1

Technological change is the introduction of new methods of production or new products intended to increase the productivity of existing inputs or to raise marginal products.

Answer to Question 2

As a result of the hurricane, the supply of tobacco will fall and the price of tobacco will rise. Because there is less tobacco to work in the fields, the marginal product of tobacco field workers will fall. This means that we are unable to tell what will happen to the demand for tobacco field workers. The increase in the price of tobacco raises the marginal revenue product of the field workers, while the drop in marginal product lowers the workers' marginal revenue product. The end result on the demand for labor will depend on which change is larger.


jwb375

  • Member
  • Posts: 540
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Trichromatic Theory of Color Vision Trichromatic Theory of Color Vision
Change in air temperature at various air flow rates for a 2 pass operation Change in air temperature at various air flow rates for a 2 pass operation
How to set up and solve linear models (Question 4) How to set up and solve linear models (Question 4)
The roots of climate change The roots of climate change
Economics question Economics question
economic question economic question
Video: Protein Structure - Primary, Secondary, Tertiary and Quaternary

For a complete list of videos, visit our video library