Which sequence describes the long-run adjustment process in a competitive market when firms are experiencing short-run economic
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Answer:
Explanation:
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<h2>DATA:</h2><h2 /><h3>Last Year:</h3>Labor Input = $30,100
Raw Materials Input = $35,100
Energy Input = $5010
Capital Input = $50,010
Other Input = $2010
Sales Output = $200,100
<h3 /><h3>This Year:</h3>Labor Input = $40,100
Raw Materials Input = $45,100
Energy Input = $6050
Capital Input = $49,750
Other Input = $2875
Sales Output = $202,100
<h2>FORMULA:</h2>Productivity = Output / Input
<h2>CALCULATION:</h2>Total Input of Last Year =
$ (30,100 + 35,100 + 5010 + 50,010 + 2010) = $122,230
Total Input of This Year =
$ (40,100 + 45,100 + 6050 + 49,750 + 2875) = $143,875
<h3>TOTAL PRODUCTIVITY:</h3><h3 />Last Year This Year
Output in ($) $200100 $202100
Input in ($) $122230 $143875
Total Productivity 200100 / 122230 = 1.64 202100 / 143875 = 1.40
<h3></h3><h3>PARTIAL PRODUCTIVITY:</h3><h3></h3><h3>Last Year:</h3>Partial Productivity Labor = 200100 / 30100 = 6.65
Partial Productivity Capital = 200100 / 50010 = 4.00
Partial Productivity Raw Materials = 200100 / 35100 = 5.70
<h3>This Year:</h3>Partial Productivity Labor = 202100 / 40100 = 5.04
Partial Productivity Capital = 202100 / 49750 = 4.06
Partial Productivity Raw Materials = 202100 / 45100 = 4.48
