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Homework answers / question archive / 1)What is a production function? What are some factors that can cause a nation's production function to shift over time? What do you have to know besides an economy's production function to know how much output the economy can produce?     The production function slopes upward, but its slope declines from left to right

1)What is a production function? What are some factors that can cause a nation's production function to shift over time? What do you have to know besides an economy's production function to know how much output the economy can produce?     The production function slopes upward, but its slope declines from left to right

Economics

1)What is a production function? What are some factors that can cause a nation's production function to shift over time? What do you have to know besides an economy's production function to know how much output the economy can produce?

 

 

  1. The production function slopes upward, but its slope declines from left to right. Give an economic interpretation of each of these properties of the production function.
  2. Define marginal product of capital, or MPK. How can the MPK be shown graphically?
  3. Explain why the profit-maximizing level of employment for a firm occurs when the marginal revenue product of labor equals the nominal wage. How can this profit-maximizing condition be expressed in real terms?  
  4. What is the MPN curve? How is the MPN curve related to the production function? How is it related to labor demand?  
  5. Use the concepts of income effect and substitution effect to explain why a temporary increase in the real wage increases the amount of labor supplied, but a permanent increase in the real wage may decrease the quantity of labor supplied.
  6. What two variables are related by the aggregate labor supply curve? What are some factors that cause the aggregate labor supply curve to shift?
  7. Define full-employment output. How is full-employment output affected by an increase in labor supply? By a beneficial supply shock?
  8. Why is the classical model of the labor market discussed in this chapter not very useful for studying unemployment?
  9. Define the following: labor force, unemployment rate, participation rate, and employment ratio.  
  10. What is frictional unemployment? Why is a certain amount of frictional unemployment probably necessary in a well-functioning economy?

 

  1. What is structural unemployment? What are the two principal sources of structural unemployment?
  2. Define the natural rate of unemployment and cyclical unemployment. What does negative cyclical unemployment mean?

 

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