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The number of tons, N, of a product produced at a factory in a day is a function of the number of workers, w, and the number of hours worked, h. We have . Which of the following equations tells us that when the factory has 9 workers who work for 12 hours, adding one additional hour will cause the amount produced to go up by about 44 tons?
Substitution Effect
The economic principle that as prices rise, consumers will replace costlier items with less expensive alternatives, holding the utility they receive constant.
Manufacturing Wage Rates
The amount of remuneration or earnings per unit of time by workers in the manufacturing sector.
College Graduate
An individual who has successfully completed a degree program at a college or university.
High School Graduate
An individual who has successfully completed the course of study at a high school, receiving a diploma or certification.
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