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How does productivity lead to a sudden change in economic output. Explain?
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Explain why economists argue that productivity is important?
The higher the productivity , the higher the living standard of the country. It also contributes in growth in output and income of the country.
Explain the contributions of enterprise and division of labor to an economy?
Enterprise is the risk-taking, organising factor of production; D of L is the specialisation of economic activity by product or process. Enterprise organises the other factors to promote output, efficiency and change while D of L reduces cost, raises productivity and living standards.
Can labor productivity decline as total output is rising?
NO. The labor productivity will rise together with total output. Vice versa
What is the name for the level of crop output from a given level of input?
Productivity
Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
Explain why economists argue that productivity is important?
The higher the productivity , the higher the living standard of the country. It also contributes in growth in output and income of the country.
What is marginal revenue?
Marginal revenue is the change in total revenue over the change in output or productivity.
What is Labor Productivity and how is it important to economic growth?
Labour productivity is defined by the OECD to be "the ratio of a volume measure of output to a volume measure of input" OECD Manual: "Measuring Productivity; Measurement of Aggregate and Industry-Level Productivity Growth. Labour productivity is important to economic growth because without it no one would be working.
What is the difference between output and productivity?
Output is total output. Productivity is out per man-year.
The change in output from hiring one additional unit of labor?
Marginal labour productivity.
Explain the contributions of enterprise and division of labor to an economy?
Enterprise is the risk-taking, organising factor of production; D of L is the specialisation of economic activity by product or process. Enterprise organises the other factors to promote output, efficiency and change while D of L reduces cost, raises productivity and living standards.
How do you caculate productivity?
productivity=output quantity/input quantity
What is the concept of marginal productivity?
Is the change on the output of hiring one more worker as opposed to the last worker who was hired or fired. As a result which measures the output of the margin.
What has the author Jaime del Valle Caballero written?
Jaime del Valle Caballero has written: 'Structural change and factor prices' -- subject(s): Capital productivity, Economic development, Input-output analysis, Mathematical models
Can labor productivity decline as total output is rising?
NO. The labor productivity will rise together with total output. Vice versa
Explain how Smith's ideas are evident in the workings of the us economy?
All of Smith's ideas contributed in the American economy which lead to the increase of the productivity and output.
What is the productivity formula?
Productivity can be defined as the ratio of financial output in a particular interval of time to the financial input in the same time interval.Total productivity = Output quantity / Input quantity
