The figure below shows three different per-worker production functions: PF1, PF2, and PF3. If PF1 is the initial per-worker production function for a farm, which of the following reflects an increase in the number of tractors per worker in the farm?
Definitions:
Marginal Analysis
An examination of the added benefits of an activity compared to the added costs incurred by that same activity.
Cell Phones
Portable electronic devices that allow users to make voice calls, send text messages, and access various digital services.
Total Profit
The total income a business earns after subtracting all expenses and costs associated with its operations.
Marginal Benefit
The added value or enjoyment a consumer gets from using an additional unit of a product or service.
Q30: Which form of electromagnetic radiation has the
Q36: There was a backlash against environmental laws
Q46: One explanation for the slope of the
Q49: If the marginal propensity to consume, MPC,
Q64: When a natural system gets locked into
Q87: If investment increases by $100 and, as
Q106: If the price level in the U.S.
Q106: Which of the following does not contribute
Q123: Which of the following describes an economy's
Q124: If nominal gross domestic product (GDP) for