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- What is a production technology?15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units15. PLEASE ONLY C A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsper day. How will its total employment change?
- 15. PLEASE ONLY C. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsRefer to the table below to answer the following questions. O a. 2 teapots. Ob. 9 teapots. Oc 7 teapots. O d. 4 teapots. O e. 6 teapots. Table 10.2.1 Labour (workers per day) 1 2 3 Output (teapots per day) 0 3 12 19 23 25 Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule. The marginal product when Tania's increases the number of workers from 3 to 4 per day isSuppose that the share of population employed in Country B is 60 percent, and that Countries B and D have the same real GDP per capita. Based on the information in the table, what share of Country D's population must be employed? Country Population (millions) Average Labor Productivity ($) 2,000 A B с O E Select one: a. 24 percent O b. 12 percent O c. 8.3 percent O d. 83.3 percent 100 150 75 250 95 10,000 25,000 50,000 60,000
- Use the table below to answer the following questions. O a. $6.25. O b. $5. $4.25. Table 10.3.1 Labour TFC TVC TC Output (workers per (teapots per (dollars per (dollars per (dollars per day) 0 day) day) day) 0 Oc с. O d. $25. Oe. $4. 1234 141569 0 5 13 18 day) 20 20 20 20 20 20 - E 100 125 型 20 5 270 5 - 145 Refer to Table 10.3.1, which gives Tania's Teapots' total cost schedule. When output increases from 4 to 9 teapots, the marginal cost of one of the 5 teapots is 45 95QUESTION 4 Capital per year K₂ Figure 7.3.2 4₂ L₂ C₁ Labor per year Refer to Figure 7.3.2 above. Which of the following changes, which causes the move from A to B? O a. The quantity to be produced Ob. A decrease in the cost of capital r Oc. The budget of the producer d. A decrease in the wage rate wQUESTION 43 Figure 18-1 On the graph, L represents the quantity of labor and Q represents the quantity of output per week. 420 390 345 285 210 120 1 (i) (ii) (iii) (iv) O a. (ii) and (iv) only O b. (i) and (iv) only O c. (i) and (iii) only O d. (i) only 2 QUESTION 44 3 4 Refer to Figure 18-1. Based on the shape of the curve, the total product is increasing. total product is decreasing. marginal product is increasing. marginal product is decreasing. 5 6 L
- A firm can use three different production technologies, with capital and labour requirements at each level of output as follows:Daily OutputTechnology 1 Technology 2 Technology 3K L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a) Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labour cost is $80 per worker per day. For each level of output, which technology is the cheapest?b) Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day and labour cost is $40 per worker per day. For each level of output, which technology is the cheapest?c) Suppose the firm moves from a high-wage to a low-wage country but that its level of output remains constant at 200 units per day. How will its total employment change?L 1 2 3 4567 AP,MP TP 30 70 120 160 190 210 220 60.00 50.00 40.00 30.00 20.00 10.00 0.00 0 AP 30.00 35.00 40.00 40.00 38.00 35.00 31.43 1 MP 40 50 40 30 20 10 2 3 4 LABOUR 5 6 7 8 - AP -MPWhy is the scientific revolution an insufficient explanation for the Industrial Revolution? The scientific revolution was stopped by religious fanatics. Scientific discovery is unrelated to economic progress. The early advances of the Industrial Revolution were not reliant on scientific breakthroughs. The scientific revolution, while a step forward, still got most things wrong.