ECO365 Week 2 Discussion s

Question: #7983

ECO 365 Week 2 DQs

ECO 365 Week 2 DQ 1
Using applicable examples, compare and contrast average productivity of labor and marginal productivity of labor. In doing so, explain the relationship between marginal and average productivity of labor. What would happen to marginal and average productivity of labor if a technological innovation is introduced to the production process?
ECO 365 Week 2 DQ 2
In your own words, describe the law of diminishing marginal productivity. Using an example from your workplace, describe how the law of diminishing marginal productivity can arise and impact the cost of production. How would an automobile manufacturer use diminishing marginal productivity to determine how many workers to hire.
ECO 365 Week 2 DQ 3
In your own opinion, describe why the demand for labor is a derived demand. Also, explain the shape of the supply of labor curve and how it is different from the demand labor curve. Explain the relationship between productivity and the wages earned by an employee. What are some factors or determinants of your income today?

Solution: #7981

ECO365 Week 2 Discussion s

ECO 365 Week 2 DQs ECO 365 Week 2 DQ 1 Using applicable examples, compare and contrast average productivity of labor and marginal productivity of labor. In doing so, explain the relationship between marginal and average productivity of labor. What would happen to mar...