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

Author Question: Explain how an increase in technology, which increases the productivity of labor, will affect the ... (Read 32 times)

Jramos095

  • Hero Member
  • *****
  • Posts: 528
on: Jun 30, 2018
Explain how an increase in technology, which increases the productivity of labor, will affect the labor market, the production function, and aggregate output. Provide graphs to illustrate.
 
  What will be an ideal response?

Question 2

With consumption on the vertical axis and leisure on the horizontal axis, the slope of the budget line is equal to
 
  A) w.
  B) -w.
  C) .
  D) -.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

skipfourms123

  • Sr. Member
  • ****
  • Posts: 343
Reply #1 on: Jun 30, 2018
Answer to Question 1

An increase in technology will shift the labor demand curve to the right, leading to an increase in the real wage and an increase in labor. The aggregate production function will shift upward because of the increase in technology, and there will also be a movement along the production function as the quantity of labor increases. Both of these factors will increase aggregate output.

Answer to Question 2

B


Jramos095

  • Member
  • Posts: 528
Reply 2 on: Jun 30, 2018
:D TYSM

chereeb

  • Member
  • Posts: 326
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Risks of infectious disease increase in (a) high-density agricultural populations compared to (b) lo Risks of infectious disease increase in (a) high-density agricultural populations compared to (b) lo
Changes in Synaptic Density From Birth to Age 2 Synaptic connections increase throughout the first Changes in Synaptic Density From Birth to Age 2 Synaptic connections increase throughout the first
A child in an orphanage in Juba, Sudan. The treatment of this child is likely to affect his ability ... A child in an orphanage in Juba, Sudan. The treatment of this child is likely to affect his ability ...
Compression used to increase circulation when the athlete is clothed. Compression used to increase circulation when the athlete is clothed.
Effect of Productivity Improvement in the Malthusian Model Effect of Productivity Improvement in the Malthusian Model
Beak size in finches during dry years increases because of strong selection Beak size in finches during dry years increases because of strong selection
Video: Stomach peristalsis - Movement of Food Through the Small Intestine

For a complete list of videos, visit our video library