Explain how an increase in technology, which increases the productivity of labor, will affect the labor market, the production function, and aggregate output. Provide graphs to illustrate
What will be an ideal response?
An increase in technology will shift the labor demand curve to the right, leading to an increase in the real wage and an increase in labor. The aggregate production function will shift upward because of the increase in technology, and there will also be a movement along the production function as the quantity of labor increases. Both of these factors will increase aggregate output.
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Suppose your expenses for this term are as follows: tuition: $28,000, room and board: $9,000, books and other educational supplies: $2,500
Further, during the term, you can only work part-time and earn $16,000 instead of your full-time salary of $42,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $36,500 B) $56,500 C) $65,500 D) $72,500
List and describe the two government agencies that enforce antitrust laws in the United States
What will be an ideal response?