1 answer

. . I would greatly appreciate if I could get help In the following diagram you...

Question:

In the following diagram you are given two technologies, A and B, which can produce 100 meters of cloth. Technology A uses 1 worker and 4 tonnes of coal, while technology B uses 4 workers and2 tonnes of coal. The diagram also depicts three examples of isocost curves, NM, GF and JH. The wage and the price of coal are denoted by w and p, respectively. 10 1 2 345 6 7 89 10 Number of workers In period 1, the wage cost and the price of coal are (w, p) ($10, $20) and in period 2, the wage cost and the price of coal change to (w, p) ($20, $10). Which of the following statements is correct? Technology A is cheaper than Technology B in both periods. O Technology B is cheaper than Technology A in both periods. O Technology A is cheaper in period 1 and Technology B is cheaper in period 2. O Technology B is cheaper in period 1 and Technology A is cheaper in period 2.

The following figure shows labor productivity and the real wage index in England from 1750 to 2000. Based on this information, which of the following statements is correct? 400 eal wagesLabour productivity 1847 Ten os Act (limits worlk hours for women & children) 8 300 1928 Universal suffrage 1844 Factory Act (children work only 6.5 hours day) 200 1781 Watts steam engine 100 1918 Voting rights for all males 1764 Hargreaves spinning jenny abour under 9 years) 1833 Factory Act (no child 1760 1810 1860 1910 O The real wage did not rise in the 18th century due to stagnating labor productivity O The Factory Acts of 1833 and 1844 and the Ten Hours Act of 1847 reduced the bargaining power of the workers. O The extension of voting rights in 1875, 1918, and 1928 lead to lower real wages. O The graph demonstrates the importance of bargaining power for workers to beneft from higher labor productivity

Production of cloth requires two inputs: L workers and R tonnes of coal. The following diagram depicts the isocost line associated with production. The wage (w) is $20 and the price of coal (p) is $30 10 9 8 7 6 2 1 23 4S 67810 Number of workers Which of the following statements is correct? The cost of using 6 workers and 2 tonnes of coal is the same as that of using 3 workers and 4 tonnes of coal. The slope of the isocost line is -1/3 The cost associated with the isocost line is $120. All points above the isocost line would cost more than $210.

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I would greatly appreciate if I could get help

In the following diagram you are given two technologies, A and B, which can produce 100 meters of cloth. Technology A uses 1 worker and 4 tonnes of coal, while technology B uses 4 workers and2 tonnes of coal. The diagram also depicts three examples of isocost curves, NM, GF and JH. The wage and the price of coal are denoted by w and p, respectively. 10 1 2 345 6 7 89 10 Number of workers In period 1, the wage cost and the price of coal are (w, p) ($10, $20) and in period 2, the wage cost and the price of coal change to (w, p) ($20, $10). Which of the following statements is correct? Technology A is cheaper than Technology B in both periods. O Technology B is cheaper than Technology A in both periods. O Technology A is cheaper in period 1 and Technology B is cheaper in period 2. O Technology B is cheaper in period 1 and Technology A is cheaper in period 2.
The following figure shows labor productivity and the real wage index in England from 1750 to 2000. Based on this information, which of the following statements is correct? 400 eal wagesLabour productivity 1847 Ten os Act (limits worlk hours for women & children) 8 300 1928 Universal suffrage 1844 Factory Act (children work only 6.5 hours day) 200 1781 Watt's steam engine 100 1918 Voting rights for all males 1764 Hargreaves' spinning jenny abour under 9 years) 1833 Factory Act (no child 1760 1810 1860 1910 O The real wage did not rise in the 18th century due to stagnating labor productivity O The Factory Acts of 1833 and 1844 and the Ten Hours Act of 1847 reduced the bargaining power of the workers. O The extension of voting rights in 1875, 1918, and 1928 lead to lower real wages. O The graph demonstrates the importance of bargaining power for workers to beneft from higher labor productivity
Production of cloth requires two inputs: L workers and R tonnes of coal. The following diagram depicts the isocost line associated with production. The wage (w) is $20 and the price of coal (p) is $30 10 9 8 7 6 2 1 23 4S 67810 Number of workers Which of the following statements is correct? The cost of using 6 workers and 2 tonnes of coal is the same as that of using 3 workers and 4 tonnes of coal. The slope of the isocost line is -1/3 The cost associated with the isocost line is $120. All points above the isocost line would cost more than $210.

Answers

1.

combinations A  \times period 1 price A\timesperiod 2 price B\times period 1price B\timesperiod 2price
worker 1\times 10= 10 1\times20=20 4\times10= 40 4\times20=80
coal per ton 4\times20 =80 4\times10=40 2\times20=40 2\times10=20
total $90 $60 $80 $100

So according to this table option 4 fits that is technology B is cheaper in period 1 and technology A is cheaper in period 2.

2. Option 4 is correct because graph shows that due to factory act of 1844 and 1833 children left the workforce plus due to act of 1847 women also left leaving men workers at disposal which resulted in rise in male wages and again after extending voting rights to men the gap between productivity and wages started closing

3. a

6 workers\times $20=$120 3 workers\times$20= $60
2 ton coal\times $30=$60 4 ton coal \times$30=$120
total = $180 =$180

so option 1 stands correct because cost in both the cases is same.

Options 2,3 and 4 are wrong because the formula for slope of isocost line is [ price of labour / price of capital ]

180/180= 1

The cost associated with isocost line is $180

All the points above isocost will cost more than $180 and not $220

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