True or False    A production function in "economics" summarizes the technological relationship between inputs and outputs.

Economic Growth Akila and her family are the only inhabitants of a small oasis in the middle of the desert. They grow various kinds of trees, which provide them with everything they need. Akila has built an irrigation system that improves the productivity of the land. Production makes use of three factors: capital K (the irrigation system), labour N (the work done by Akila and her family) and land L (the oasis and the desert around it). The production function is given by F(K,N,L)= K*N*L*. Labour supply is fixed at N=1 and the family owns 64 units of land, L=64. The irrigation system is in constant need of repair; about 10% needs to be rebuilt every year to keep it in a good condition, i.e. K' = K – K +1, where I is investment in the capital stock. 1. Show that for a saving rate s, the law of motion for the capital stock can be written in per-capita terms as k'=k-k+s2vk . 2. Find the steady-state level of the capital stock k, output y and consumption e as functions of s. 3. Currently,…

Which of the following is an example of capital as a factor of production? Group of answer choices Stocks Bonds money Equipment used by businesses

Assume instead that pharmacists and robots dispense prescriptions according to the following production function: Y = 10*KO.8L0.2 where Y is the number of prescriptions dispensed; L is the number pharmacist hours, and K is the number of robot hours. In addition, $10 worth of materials is used for each prescription. a. What is this type of production function called, and what are we assuming about the relationship between robots and pharmacists by using this production function? b. Derive the cost - minimizing demands for K and L as a function of output, the wage rate and the rental rate of capital. c. Use these results to derive the total cost function: costs as a function of y, r, w, and the $10 materials cost. d. Pharmacists earn $32 per hour. The rental rate for robots is $64 per hour. What are total costs as a function of Y? e. Does this technology exhibit decreasing, constant, or increasing returns to scale?f. The pharmacy plans to produce 40,000 prescriptions per week. At the…

What best describes the long run? a period of time that labor can change a period longer than six months a period of time that at least one input cannot be changed a period of time that all inputs can be changed

What is one negative aspect of technology on productivity?         Technology allows for more products to be made in a shorter amount of time.         Technology allows companies to reduce the cost of making products.         Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs.         Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.

In economics there is the Law of Diminishing Returns.  With respect to information on the World Wide Web. do think there could be a Law of Increasing Returns?  Explain.

What is a labor abundant economy? A higher level of capital per worker No labor input in the production system Production that require a high level of capital Production that requires a low level of capital