Question

1. What has been the general trend for multi-factor productivity in the U.S. over the past...

1. What has been the general trend for multi-factor productivity in the U.S. over the past 15 years?
2. What does this trend suggest happened to production functions in the U.S.?
3. Assuming this change has happened to all firms, how will this change in productivity affect cost curves?

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Answer #1

1) in the last 15 years, the multifactorial productivity accounts for reduce in economic growth only twice and rest of the time it triggered the growth of the country in terms of GDP.

2) this tells us that the production function might have a lapse at time but overall the index of multi factor productivity in the production function of the US is always greater than 1 on the whole (except twice)

3) when this change happened in all the firm's, the average cost curve of the firm comes down with which the profit of the firm will increase since the average revenue curve will be still higher than the ATC

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