2. The determinants of productivityConsider a simple economy whose only industry is weaving. In this industry, productivity-the amount of goods and services a worker can produce perhour-is measured by the number of garments one weaver makes per hour.In the following table, match each example to the productivity determinant it represents.Human CapitalTechnologicalKnowledgeNatural ResourcesPhysical Capitalper WorkerExamplesper Workerper WorkerA special technique that workers can use tocreate stronger textilesThe looms used to weave the textilesThe grasslands supporting the sheep whose woolis used for weavingThe accumulated weaving experience of theworkforce

The standard of living of any country directly depends on the productivity of the citizens in the…

In the following table, match each example to the productivity determinant it represents. Human Capital per Worker Natural Resources Physical Capital per Worker Technological Knowledge Examples per Worker A special technique that workers can use to create stronger textiles The looms used to weave the textiles The grasslands supporting the sheep whose wool is used for weaving The accumulated weaving experience of the workforce

In the following table, match each example to the productivity determinant it represents. Human Capital per Worker Natural Resources Physical Capital per Worker Technological Knowledge Examples per Worker A special technique that workers can use to create stronger textiles The looms used to weave the textiles The grasslands supporting the sheep whose wool is used for weaving The accumulated weaving experience of the workforce

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 25CTQ: Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data...

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Similar questions

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Refer back to the Work It Out about Comparing the Economies of Two Countries and examine the data for the two countries you chose. How are they similar? How are they different?
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1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
2. The determinants of productivity Suppose there is a simple hypothetical economy in which the only industry is cloud computing. In the cloud computing field, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of lines of code one programmer authors per hour. In the following table, select the appropriate productivity determinant that represents each example. Examples The additional education workers receive from new computer science course offerings A new data security process that makes the industry's network more secure The rare earth metals that serve as inputs to production of computers The server hardware on which data is stored Human Capital per Worker Natural Resources per Worker Physical Capital per Worker O Technological Knowledge O O
3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?
Imagine that you have an "eatery" business, enumerate and briefly discuss your factors of production and factor payments.
2. Masood quit his job at the bank Muscat where he earned RO 50,000 a year to start his own businesses, a Digital marketing company. He estimates his entrepreneurial talent or forgone entrepreneurial income to be OR 5,000 a year. He used RO 100,000 in savings that earned 5 percent interest annually to finance the new business. In the first year, the firm earned total revenue of OR 250,000. The spent 50,000 on purchase of machines. It pays annual rental costs of 18,000 and 80,000 for supplies. It employs 5 workers and paying each annual salary of 6000 RO. Calculate: a). The accounting profit for the new business? b). The economic profit (or loss)? Show your calculations for both questions.
12. What are the four factors of production? Thanks asap do it
2. According to data from the Longitudinal Survey of Companies of 2017, labor productivity in Chile is higher, on average, in larger companies, being large companies (86.5 million pesos per workerper year) almost 6 times more productive than microenterprises (15 million pesos per worker per year). Does this observation necessarily contradictthe Law of Diminishing Returns? How could it be explained that workers are more productive in larger companies? 3. Boco has a very popular pastry shop in his neighborhood. To carry out his work, he hires two productive factors: kilos of flour (H) and hours of use of a mixing machine (M). Its production function is given by f (H, M) = [min (H, aM)] b with a greater than zero. Using this information, determine what kind of returns to scale the technology presents that Boco uses. 4. When all inputs have decreasing marginal productivities, then the production functions exhibit diminishing returns to scale. True or False. Justify your answer.