Suppose a technological improvement increases the productivity of a firm's capital and, simultaneously, its workers' union negotiates a wage increase. We can predict that Group of answer choices the firm will use relatively more capital and relatively less labor. the firm will use relatively more labor and relatively less capital. inputs of capital and labor will be unchanged.

Question

01-06-2021
Business

Answered

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Suppose a technological improvement increases the productivity of a firm's capital and, simultaneously, its workers' union negotiates a wage increase. We can predict that Group of answer choices the firm will use relatively more capital and relatively less labor. the firm will use relatively more labor and relatively less capital. inputs of capital and labor will be unchanged.

Sagot :

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Lanuel Lanuel · Answer 1 · 2021-06-02T20:52:24-04:00

Answer:

the firm will use relatively more capital and relatively less labor.

Explanation:

Technology can be defined as a branch of knowledge which typically involves the process of applying, creating and managing practical or scientific knowledge to solve problems and improve human life. Technologies are applied to many fields in the world such as medicine, information technology, cybersecurity, engineering, environmental etc.

Fundamentally, technology has impacted the world significantly and positively as it has helped to automate processes, increased efficiency and level of output with little or no human effort.

Hence, if a technological improvement increases the level of productivity of a firm's capital and simultaneously, its workers' union negotiates an increase in their wages. It can be easily predicted that the business firm will use relatively more of its capital and relatively less labor due to the demands of the workers' union.

Additionally, a marginal physical product can be defined as the extra output which is being generated by using an extra input. This ultimately implies that, marginal physical product of labor refers to the change in the level of output that is generated from using an additional unit of labor.

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