In the long run, the most important factor shifting the SRAS curve is productivity growth.
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What do you mean by productivity growth?</h3>
Productivity—in economic terms—is how much output can be produced with a given quantity of labor. One measure of this is output per worker, or GDP per capita.
Since 1947, the U.S. corporate sector has been able to create nine times more goods and services with only a little increase in labor hours thanks to productivity gains. An economy may create and consume more goods and services for the same amount of effort when productivity is growing.
Productivity is a way of thinking and a condition of being. Being effective entails acting in every situation as we actively choose to and not as we feel pressured to by external factors. Being productive requires adopting a mindset of constant development.
Learn more about productivity growth here
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Answer:
A subcontractor is a company or person who is hired by a general contractor (or prime contractor, or main contractor) to perform a specific task as part of the overall project and is normally paid for services provided to the project by the originating general contractor.
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The complete question with diagram is attached
Answer:
($3.00, 420 lbs) and ($2.10, 510 lbs)
Explanation:
A shift in demand occurs when the quantity of a product consumers wants changes at all price levels.
A shift to the right indicates an increase in quantity demanded at all prices, while a shift to the left indicates a reduction in quantity demanded at all prices.
In the given scenario there is a shift in demand to the right with increase in 20 lbs of onions.
So at every price level there will be an increase in quantity demanded by 20 lbs.
According to the diagram at price $3 quantity initially demanded was 400 lbs. With the demand shift it will now be 400 + 20 = 420 lbs.
At price $2.10 demand was initially 490 lbs now it will be 490 + 20 = 510 lbs
Answer:
20 cents
Explanation:
The marginal cost refers to the cost of an extra unit. In this case, if she decides to purchase two tacos and a medium drink, she would spend $2.30. The difference between this option and the value meal, that contains three tacos and a medium drink, is 20 cents. The marginal cost of purchasing the third taco if she takes the second option would be 20 cents. If she decides to buy the tacos and the drink for apart, the marginal cost or extra unit cost would be 75 cents.