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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 24
Consider the following historical changes in labor productivity. Which of these were ''technical progress''? Which were primarily substitution of capital for labor? If the case seems ambiguous, explain why.
1. The increase in coal output per worker when open-pit mining began
2. The increase in auto output per worker with the introduction of the assembly line
3. The increase in electricity output per worker with larger power stations
4. The increase in computer-power output per worker with the availability of better microchips
1. The increase in coal output per worker when open-pit mining began
2. The increase in auto output per worker with the introduction of the assembly line
3. The increase in electricity output per worker with larger power stations
4. The increase in computer-power output per worker with the availability of better microchips
Explanation
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1) The increase in coal output per worke...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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