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Author Question: In what way does land differ from other inputs such as labor and capital? What will be an ideal ... (Read 42 times)

deesands

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on: Jun 29, 2018
In what way does land differ from other inputs such as labor and capital?
 
  What will be an ideal response?

Question 2

Script Pro produces robots that are sold to retail pharmacies. Among other things the robotsprint and apply the prescription and auxiliary labels and delivers uncapped vials for final inspection using on-screen drug image verification.
 
  The manager of the pharmacy is trying to calm his workers' fear that their jobs are in jeopardy if he starts using these robots. What economic explanation could the manager use to assuage the fears of his employees that their jobs are in jeopardy.


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lin77x

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Unlike labor and capital, land is in strictly fixed supply. Therefore, its supply is perfectly inelastic.

Answer to Question 2

The robots appear to be a substitute for labor. And in fact they very well may just that. However, they are also a complement to labor. Now workers in the pharmacy have more free time to use performing other tasks. This may actually increase their productivity to the pharmacy and make them more valuable to the employer.


deesands

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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