Welcome to Westonci.ca, where you can find answers to all your questions from a community of experienced professionals. Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.
Sagot :
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.
Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.