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3 years ago

What impact did the rise of the middle class in the late nineteenth century have on the demand for consumer goods?

Business

1 answer:

RoseWind [281]3 years ago

7 0

Answer:

The middle class created a high and sustained demand for consumer goods

Explanation:

Before the advent of the industrial revolution, the social stratification of society is such that either you are in the lower class of the poor or you are part of the rich in the upper class. The industrial revolution of late 18th and early 19th centuries saw the springing up from the lower class a new set of wealthy and educated individuals which were later termed the middle class

This reach men and women are able to buy goods needed to satisfy their newly found social status which boost demand for new and quality goods produced as a result of industrial revolution.

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<span>Assets - equity = liabilities
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3 years ago

Suppose labor's share of output is 60% and capital's share of output is 40%. If labor grows at a rate of 5%, then this will caus

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If capital grows at a rate of 5%, then this will cause output to grow at a rate of 1%.

Given,

Labor's share of output = 60%

Capital's share of output = 40%

Labor grows on a rate of = 5%

Capital grows on a rate of = 5%

Thus, output will grow at a rate of = ?

SR(t) = Δy/Δt/Y - (αΔk/Δt/k(t) + (1-α)(ΔL/Δt/L(t))

Here, α = 60%

So, labor's share = (1 - 0.6) × 5 = 2%

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Implied rate of growth in technology is also given,

SR = (5) - (2+2)

= 1%

Hence, if capital grows at a rate of 5%, then this will cause output to grow at a rate of 1%.

To learn more about capital here:

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Answer:

See complete solution in the picture attachment.

Explanation:

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