Question

5. Discuss what technology is and the constraints it imposes on productivity. What are fixed inputs?...

5. Discuss what technology is and the constraints it imposes on productivity. What are fixed inputs? What are variable inputs?

Homework Answers

Answer #1

Technology basically means the use of advanced and more effective methods of doing a work or using the latest techniques in practical life.

Technology poses se constraints on production. We can say this , because when looking how much to produce, we need to take into consideration the technology that we are using. If the technology is old and the machine works slowly , then we will be able to produce less as the process is time consuming.

If the technology is old, it might happen that the machine may not be as efficient as the latest machines and will then reduce our production capacity.

Fixed inputs are the inputs which cannot be varied in the short run. The quantity of these inputs is fixed in the short run.

Variable inputs are the inputs which can be varied in the short run according to the production required.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) What is the change in productivity if inputs decrease by 6% and outputs decrease by...
1) What is the change in productivity if inputs decrease by 6% and outputs decrease by 20% ? A. -79% B. 79% C. 21% D. -21% 2) A linear regression model that predicts sales is given as: Sales=150-5x(Price). which of the following can be said based on this model? A. Setting the price at $10 will generate 50 units of sales. B. To increase sales by 5 units, price should be reduced by $5 C. To increase sales by 1...
What is labor productivity? Please discuss the two main factors which affect labor productivity. What is...
What is labor productivity? Please discuss the two main factors which affect labor productivity. What is per-worker production function? We know the production function is a curve (not a straight line). Why does it have that curvature?
Suppose government imposes a 50% tax on the wages “high productivity” firms pay to their employees...
Suppose government imposes a 50% tax on the wages “high productivity” firms pay to their employees but not on the wages “low productivity” firms pay to theirs. The tax lowers the profit of “high productivity” firms at each number of workers employed to Profit(L) = q(L) – (1 +50%)wL. There are 20 firms in a perfectly competitive industry. Ten firms have production function q = 2L^0.5 while the other ten firms have production function q = 4L^0.5. We label the...
Explain the meaning of technology and discuss the effect of technological progress on economic growth. Carefully...
Explain the meaning of technology and discuss the effect of technological progress on economic growth. Carefully explain the effect on real GDP, real GDP per capita and average labour productivity.
4. Why is productivity important to the economy? What has happened to productivity growth in the...
4. Why is productivity important to the economy? What has happened to productivity growth in the US since 1995? discuss
Businesses are depending more and more on technology to provide their infrastructure support, improved productivity, reduction...
Businesses are depending more and more on technology to provide their infrastructure support, improved productivity, reduction in costs, increased quality, improved customer satisfaction, and expanding global operations.  What do you think the future of technology in business may be? What type of business changes might we see in either the near term or the distant future because of technology? What will the future be for the intersection of business and technology? Share and explain your ideas.
What is opportunity cost? Discuss incentives from your perspective as a policymaker. Why is productivity important?
What is opportunity cost? Discuss incentives from your perspective as a policymaker. Why is productivity important?
Chapter 12 discusses the resource markets, labor, and productivity. Can you discuss how productivity gains are...
Chapter 12 discusses the resource markets, labor, and productivity. Can you discuss how productivity gains are the source of higher wages? What about some professions that don't demand special skills but still get higher wages year by year. What justifies that?
What is the purpose of performance appraisals? How would you measure a nurse’s productivity? Discuss the...
What is the purpose of performance appraisals? How would you measure a nurse’s productivity? Discuss the multiple forms that violence can take within the workplace. Why is violence prevalent in a health care environment?
What is the purpose of performance appraisals? How would you measure a nurse’s productivity? Discuss the...
What is the purpose of performance appraisals? How would you measure a nurse’s productivity? Discuss the multiple forms that violence can take within the workplace. Why is violence prevalent in a health care environment?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT