Answer:
(Decrease, Increase)
Explanation:
When the government formulates and implements policies aimed at increasing equality, the society will experience a reduction in the level of efficiency. For example, an increase in income tax on wealthiest Americans, and redistribution of the tax revenue to the poorest Americans would may discourage the wealthy from taking more income-generating activities which create jobs, this is not optimal. At the same time, this policy would reduces the peoples’ incentive to work hard to earn their own money.
Answer:
a. Whataburger is not using the optimal cost-minimizaing mix of cashier and kiosks.
b. Whataburger should hire more cashier and rent fewer kiosks in order to improve its mix of inputs and minimize the cost
Explanation:
a. According to the given data we have the following:
Let "C" is a cashier.
"K" is a kiosk
MPC = 48 (Marginal Product of Cashier)
MPK = 32 (Marginal Product of Kiosk)
PC = $15 (cashier can be hired for a wage of $15)
PK = $12 (Kiosk rents for $12)
At optimal cost minimization point, (MPC / MPK) = (PC / PK)
(MPC / PC) = (MPK / PK)
(MPC / PC) = (48 / 15) = 3.2
(MPK / PK) = (32 / 12) = 2.67
Since the (MPC / PC) and (MPK / PK) is not equal. It implies Whataburger is not using the optimal cost-minimizaing mix of cashier and kiosks.
b. We have to use the following:
(MPC / PC) > (MPK / PK)
i.e., 3.2 > 2.67
It means Whataburger hire more cashier and rent fewer kiosks in order to improve its mix of inputs and minimize the cost.
Productivity of a worker is measured by how much is produced at a given time.
<h3>What is worker productivity?</h3>
It measures the amount of output produced at a given work interval.
The quantity of goods and services produced per a given time measures a worker productivity.
Therefore, productivity of a worker is measured by how much is produced at a given time.
Learn more on productivity here,
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In describing what adaptive expectations means to a friend, you explain that in order to make their economic condition forecasts, agents consider only current information and ignore the past.
Economic conditions describe the state of the economy currently in a nation or region. These circumstances evolve over time as a result of the business and economic cycles that accompany an economy's expansion and decline. When an economy is expanding, the economic conditions are viewed as sound or good; when an economy is contracting, they are viewed as adverse or negative.
Learn more about Economic conditions here:
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