Which of the following is NOT a reason that people and firms can increase productivity by focusing on one specific activity?

Q: What are the three factors that impact productivity? Provide an example for each factor describing…

A: A firm employs many factors of production (capital , labor , land and entrepreneurship) and each…

Q: List of the Six Macroenvironment Forces. Explain how you, as a business owner, adapt to each of the…

A: Microenvironment  The environment that directly affects your business is known as the…

Q: What correlation lies between productivity and the standard of living?

A: The amount of goods and services produced by the average worker in an hour of work is referred to as…

Q: Give the three reasons that explain why the division of labor increases an economy's level of…

A: The division of labor is a fundamental concept in economics that means the specialization of tasks…

Q: How do economies of scale affect business models in manufacturing industries, and how can smaller…

A: Economies of scale refer that when a manufacturing company starts their production on large scale it…

Q: Write the production function (human capital (H) being included in TFP) and explain the content of…

A: Production function: Y = F(K,L,H,A)

Q: There are two countries in the world: Happytimes and Treehausland. Both countries currently have a…

A: Happytimes's GDP = Current GDP(1 + Growth rate)^15                               = 1*(1 + 0.086)^15…

Q: Come up with a long answer to answer this question.  What is the role of the industrial sector in…

A: The industrial sector is viewed as a leading sector of economic development. We can have economies…

Q: Do you feel that technology positively or negatively impacts economy? Cite two examples from the…

A: In economics, technology is something that allows to manufacture goods faster, better, or cheaper.…

Q: The graph shows the U.S. productivity curve in 1960.    Draw a point to show real GDP per hour of…

A: * ANSWER :-

Q: Why does the value of output always equal the income received by resources that produced the output?

A: Output – it the total amount of commodities or services produced in a particular time period. It…

Q: What is productivity? Describe the factors of productivity.

A: Productivity is the ratio of output to input which are used in the process of production. It is the…

Q: Explain how a technological advancement in one sector of the economy can lead to a change in the…

A: Answer - Technological advancement in one sector of the economy can lead to change in the number of…

Q: Why does adding capital to a production function make the economy more productive? What are…

A: Adding capital to a production function can make the economy more useful in light of the fact that…

Q: What explains the British industrial revolution?

A: Revolution is referred to as an economic activity that leads to making large variations in the…

Q: The source mentions a fourth factor of production: entrepreneurship. In what sense could it be…

A: The practice of identifying possibilities and seeking innovative solutions to satisfy market demands…

Q: The difference between output (production) and productivity is *   output measures the level of…

A: The question is asking about the difference between two key concepts in economics: output and…

Q: Why is it that an agricultural economy like India is rich but the average Indian is poor? Answer…

A: The following problem has been solved as follows:

Q: What is economic transition

A: A transitional economy is moving from a planned economy to one with a market economy framework.

Q: Economic theory suggests that we can increase productivity by

A: In economic theory, productivity refers to the output being produced given the input level.

Q: What’s the formal name for the A_bar parameter in the production model we study? A. Average GDP B.…

A: GDP is the value of final goods and services produced in the economy in the given time.

Q: What are the two main factors that affect labor productivity?

A: The major two factors which are to be understood which affect the labor productivity are: Technical…

Q: Describe the partners of an organization and Business models that alternate strategies and concepts…

A: Business models and organizations have partners and collaborate for the expansion of business.…

Q: t is an ideal industrial society?

A: Answer is given below

Q: Spending four years in college in order to improve your employment opportunities and obtain a higher…

A: An economy generally produces two types of goods by using the given resources. These goods are…

Q: Which economic system do you think is better in answering the following basic economic questions: a.…

A: An economic system is a method by which social orders or governments distribute and organize…

Q: At low levels of production, marginal productivity of labor increases as labor increases. At high…

A: The law of diminishing marginal returns expresses that when a benefit is acquired in a factor of…

Q: What impact does technological change have on the economy?

A: Economic growth has three main indicators technological advances, capital accumulation, and increase…

Q: Consider two economies that spend different shares of their gross domestic product to R&D…

A: The funding of R&D is only part of what the government can do to foster innovation. Government…

Q: Propose one explanation for why the fastest-growing region will increase faster than other regions

A: In Democratic government of many countries, it has been seen that there is both public and private…

Q: In economics, How might productivity be measured for each of the following industries ? a.…

A: The measure that depicts how efficiently inputs are being converted into outputs by companies,…

Q: of producing corn (just the value, no units) for each country in the table below. (In decimal…

A: According to the Ricado's comparative advantage theory of trade a country should produce and export…

Q: What is pre Malthusian theory?

A: The Malthusian Theory of Population is based on the exponential growth of population and arithmetic…

Q: What is Capital in terms of business?

A: The use of the word 'capital' in business is often different from the colloquial usage of the word.…

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.