Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in overall production. 3) allows workers to develop skills by working on a large number of tasks 4) is always the result of an inefficient use of resources
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- Having a marginal product of labor that increases over low levels of employment is common in this situation. Why is that? a) The first workers a firm hires are just better workers than workers hired later on- they applied first and really want the job. B) often it has to do with specialization- workers are able to divide up tasks and be more productive. Is the answer a or b?Terry's Taco Patio uses corn tortillas, meat, a large property, and workers to make their tacos. Which of the following factors of production is not included as part of this list? Multiple Choice labor entrepreneurship capital landDifferent between informal and formal Labour Costs
- Many US based companies rely on labor from low-wage countries. Identify a company that uses labor from low-wage countries and discuss at least one region they do business in.Select all that are true regarding the factors of production. Land refers to the natural resources consummed in production Human capital is the coordination of the other factors They are purchased in the input markets Labor earns a higher wage with more skill (higher human capital) Human capital includes the relationship and the naturual process coordination between workersDistinguished labor standard from labor relations.
- Which of the following examples represents the relationship between division of labor and production? Group of answer choices A company assigns different parts of the production process to various workers, which complicates the process and results in waste A hospital hires more qualified nurses to ensure better quality of care for patients A primary care office hires more doctors to ensure that more patients receive care. A nurse takes patients’ vital signs while the doctor focuses on diagnosis so that more patients can receive carea) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). productTechnological progress decreases the marginal product of labor if a new input is developed that is complementary with labor. True False
- A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.Question 1: Consider the following production function that depends only on labor:Q = 81¹/2 1. Write a combination of input and output that are technically efficient. In other words, for what level of L and Q, is the technology efficient? 2. Write a combination of input and output that are technically inefficient. In other words, for what level of L and Q, is the technology inefficient? 3. Write a combination of input and output that are technically unattainable. In other words, for what level of I and Q, is the technology unattainable?Dinners are prepared in a process with two resources. The first resource has a capacity of 6.2 dinners per hour. The capacity of the second resource is 6.9 dinners per hour. The first resource has 10 workers and the second resource has 7 workers. Instruction: Round your answer to two decimal places. What is the labor content (in hours)? hours