Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am very confused, if someone can please help for 1 and 2 that would be amazing. Thank you so much. Please have readable writing

image text in transcribedI am very confused, if someone can please help for 1 and 2 that would be amazing. Thank you so much. Please have readable writing :)

In 1997, there were about 17 million manufacturing workers in the United States, 20 years later that number had fallen to 12.8 million workers. Many people interpret this decline in labor employed in manufacturing to mean that the total amount of manufactured output in the United States fell during this time period. However, this is not the case, between 1997 and 2007, the U.S. output of manufactured products increased by 43% (the capital-labor ratio also rose during this period). Using what you learned about isoquants and isocost lines in this unit, answer the following questions: Question 1 What would cause the fall in the amount of labor employed in manufacturing? Explain your answer. Edit View Insert Format Tools Table Paragraph B I U 12pt p Question 2 Edit View Insert Format Tools Table 12pt Paragraph AVT V Even though the number of workers in manufacturing was falling, how would we explain the increase in the overall output of the manufacturing sector? B I U O words 2 TV > 5 pts 5 pts In 1997, there were about 17 million manufacturing workers in the United States, 20 years later that number had fallen to 12.8 million workers. Many people interpret this decline in labor employed in manufacturing to mean that the total amount of manufactured output in the United States fell during this time period. However, this is not the case, between 1997 and 2007, the U.S. output of manufactured products increased by 43% (the capital-labor ratio also rose during this period). Using what you learned about isoquants and isocost lines in this unit, answer the following questions: Question 1 What would cause the fall in the amount of labor employed in manufacturing? Explain your answer. Edit View Insert Format Tools Table Paragraph B I U 12pt p Question 2 Edit View Insert Format Tools Table 12pt Paragraph AVT V Even though the number of workers in manufacturing was falling, how would we explain the increase in the overall output of the manufacturing sector? B I U O words 2 TV > 5 pts 5 pts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The New CFO Financial Leadership Manual

Authors: Steven M. Bragg

3rd Edition

0470882565, 978-0470882566

More Books

Students also viewed these Finance questions