Question

Which of the following is an example of technological progress?

Answer 1

Producing more output by revamping operation methods of the assembly line. 

B. is about total hours of labor, using the same technology
C. is about total workers, using the same technology
D. is about space to use the same technology  

Answer 2

Answer:

producing more output by revamping operation methods of the assembly line

Explanation:

The increase in production from technological progress occurs when the company introduces a new form of production that produces more goods at a lower cost, rationalizing the inputs to the production line (capital and labor). For example, imagine a firm with an assembly line of 10 workers and a machine. If the company changes its production line, replacing the machine and half of the workers with a more modern machine and the production increases to 2000 units, this means that there was a productivity gain, because with a lower utilization of the factors of production (a machine and 5 workers) The company produced twice as many products, due to technological progress.