QUESTION 3 Technological knowledge O is the same thing as human capital. O can be discovered but it can never be kept secret. is a determinant of productivity. does not play a role in the relationship that economists call the production function.
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- What is a production technology?What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?
- 3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?The government increases the funding to new start-ups. What would be the impact on the country's production function? Select one: O a. shift inwards O b. movement downward along the same curve O. remain unchanged O d. movement upwards along the same curve O e. shift outwardsTime The government increases the funding to new start-ups. What would be the impact on the country's production function? Select one: movement upwards along the same curve O b. movement downward along the same curve shift outwards d. remain unchanged O e. shift inwards Next age this page
- Question 2 If the slope of the total productivity line is decreasing as output increases, what does that say about marginal productivity a. increasing b. decreasing c. constant d. cannot be deter Full explain this question and text typing work only thanksTable 1 - Labor and output data Units of Labor Units of Output 0 0 1 15 2 38 3 62 4 75 In Table 1, which unit of labor starts the law of “diminishing” returns? Include any equation formula if any. Answers: A. 3rd B. 4th C. 2nd D. 1st70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
- 1. Assume the following Cobb-Douglas production function: Y = 0.5K°.2 10 .8 If L=100, a. What is the marginal product of capital?e b. With your answer in (a), can you prove diminishing marginal product of capital?- c. Estimate real capital incomee12. As a result of a fire, a small business owner loses some of her computers and other equipment. If the property of diminishing returns applies to all factors of production, she should expect to see a. a decrease in the marginal productivity of her remaining capital and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining capital and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining capital and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining capital and a decrease in the marginal productivity of her labor.Farmer Greene faces diminishing marginal product.If she plants no seeds on her farm, she gets noharvest. If she plants 1 bag of seeds, she gets3 bushels of wheat. If she plants 2 bags, she gets5 bushels. If she plants 3 bags, she getsa. 6 bushels.b. 7 bushels.c. 8 bushels.d. 9 bushels.