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ECON649 Economic Analysis

tag 0 Download 5 Pages / 1,134 Words tag 16-07-2021

Questions:

One of the incentives that led to the introduction of the moving assembly line and other technological innovations in the production of cars in the United States was the increase in the wages of skilled workers required to produce cars using older production methods. 
a)Show on a diagram the two different technologies used to produce one Model-T car, i.e. the technology before (Technology A) and after the innovations by Henry Ford (Technology B). On the horizontal axis put the number of workers employed in the production process.
b)Are either of the two technologies (A or B) dominant? Explain.
c)Use isocost lines to illustrate the costs of Technology A and B before the change in relative prices. Illustrate the impact on the isocost lines arising from the changes in relative prices caused by the increase in the wages of skilled workers.
d)Discuss the impact on the incentives for firms arising from this change in relative prices. Incorporate the concept of economic rent into your discussion.
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