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 73 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
:D TYSM

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Best Statistics Question Best Statistics Question
A stallion exhibiting the characteristics of a Flehmen response A stallion exhibiting the characteristics of a Flehmen response
Drag the labels to indicate the change in the size of the reservoir. . . Drag the labels to indicate the change in the size of the reservoir. . .
How to plot a sine function containing an amplitude and phase shift (Question 1 of 3) How to plot a sine function containing an amplitude and phase shift (Question 1 of 3)
How to plot a sine function containing an amplitude and phase shift (Question 1 of 3) How to plot a sine function containing an amplitude and phase shift (Question 1 of 3)
Distribution of skin color as measured by a reflectometer at a wavelength of 685 nm. The results are Distribution of skin color as measured by a reflectometer at a wavelength of 685 nm. The results are
Video: Insulin (glucose uptake by body cells), glycogenesis and lipogenesis

For a complete list of videos, visit our video library