If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a factory produces 20,000 TV sets each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per TV will be lower. What is this an example of? Select the correct answer below: O specialization O division of labor O productivity Oeconomies of scale

If a factory produces 100 TV sets per year, each TV will be quite expensive to make. However, if a factory produces 20,000 TV sets each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per TV will be lower. What is this an example of? Select the correct answer below: O specialization O division of labor O productivity Oeconomies of scale

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 20CTQ: Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen...

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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 unitsper day. How will its total employment change?
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 units
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 units
A firm can use three different production technologies, with capital and labour requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily Output K L K L K L 100 3 7 4 5 5 4 150 3 10 4 7 5 5 200 4 11 5 8 6 6 250 5 13 6 10 7 8 a. 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? Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day but labour cost is only $40 per unit per day. For each level of output, which technology is the cheapest? Suppose the firm moves from a high-wage to a low-wage country but its level of output remains constant at 200 units per day. How will its total employment change?
3.5 A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Daily Output 100 150 200 250 Technology 1 K 4 5 6 7 L 6 9 12 15 Technology 2 Technology 3 K 2 3 L 8 10 14 18 K 5780 L 10 3582 6 a. Suppose the firm is operating in a high-wage country, where capital cost is $150 per unit per day and labor cost is $100 per worker per day. For each level of output, which technology is cheapest? 12 b. Now suppose the firm is operating in a low-wage country, where capital cost is $150 per unit per day but labor cost is only $60 per unit per day. For each level of output, which technology is cheapest? c. Suppose the firm moves from a low-wage to a high-wage country but its level of output remains constant at 100 units per day. How will its total employment change?
Suppose college graduates earn $25 an hour and high school graduates earn $5 an hour. Suppose too that the marginal product of college graduates at Johnson Tools is 8 hammers per hour, while the marginal product of high school graduates is 4 hammers per hour (regardless of the number of each type of worker employed). a. What is the least-cost production method for producing 100 hammers in an eight-hour day? O Hire one-third college graduates and two-thirds high school graduates. O Hire two-thirds college graduates and one-third high school graduates. Hire only high school graduates. Hire half college graduates and half high school graduates. O Hire only college graduates. b. What if the marginal product of high school graduates was instead 2? O Hire half college graduates and half high school graduates. Hire only high school graduates. O Hire two-thirds college graduates and one-third high school graduates. O Hire only college graduates. O Hire one-third college graduates and…
Writing in 1776, Adam Smith was concerned not only with the profound effects of the division of labor on productivity (as your textbook notes) but also its stultifying effect on the human capacity. InThe Wealth of Nations, Smith warned that performing a few simple operations over and over again could render any worker, no matter his or her native intelligence, “stupid and ignorant.” a. Does the division of labor in today’s economy continue to have both these effects? b. What are the policy implications? (Radical)
Describe where the law of diminishing marginal productivity begins for We R' Write. We R' Write currently uses 75 workers on the production line per day. Given the calculations in the table, is this number optimal? Why, or why not? If you could make a suggestion regarding the optimal number of workers We R' Write should use on the production line, what would it be? Why? Number of Workers per Day Pens Produced per Day Average Product Marginal Product Price per Pen Total Value Product Average Value Product Marginal Value Product Price of Worker per Day 0 0 --- --- $3.50 $0.00 --- --- $560 15 1,000 66.67 67 $3.50 $52.50 $233.33 $233.33 $560 30 2,700 90.00 113 $3.50 $105.00 $315.00 $396.67 $560 45 5,100 113.33 160 $3.50 $157.50 $396.67 $560.00 $560 60 7,900 131.67 187 $3.50 $210.00 $460.83 $653.33 $560 75 12,000 160.00 273 $3.50 $262.50 $560.00…
A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily Output 100 150 200 250 K 6 6 7 8 L 10 13 14 16 K 7 789 L 8 10 11 13 K 8 8 9 10 L 7 8 9 11 Suppose the firm is operating in a high-wage country, where capital cost is $110 per unit per day and labor cost is $90 per worker per day. For each level of output, which technology is cheapest? At 100 units of output, is the least expensive.
33 77 Units of Units of Technolog Capital Labour 16 6. 11 11 16 D 8 24 Use the following table to answer question 36: A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Suppose the firm is operating in a high-wage country, where capital cost is $50 per unit per day and labor cost is $10 per worker per day, which technology is cheapest? O Technology A O Technology B Technology C O Technology D
In the United States, where Internet services are cheap, the ratio of capital to labor used is higher than that of capital used in accounting services. But in other coun- tries, where Internet services are expensive and labor is cheap, it is common to use less capital and more labor than in the United States. Can we still say that Internet services are capital intensive compared to accounting services? Why or why not?
1. A firm can use three different production technologies, with the capital and labor requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily output k 7 k 5 5 k 100 120 200 260 4 6 14 4 10 5 7 6 15 11 16 8 6 13 10 8 8 a. Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $70 per worker per day. For each level of output, which technology is cheapest? b. Now suppose the firm is operating in a low-wage county, where capital cost is $100 per unit per day but labor cost is only $50 per unit per day. For each level of output, which technology is cheapest? c. Suppose the firm moves from a high-wage to a low-wage country but its level of output remains constant at 200 units per day. How will its total employment change? 2. Briefly state the law of demand? What do we mean by change in demand and change in quantity demanded? (Explain with the help of diagrams)