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Suppose the price of capital and labor remain constant but that the average educational level of ...

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Suppose the price of capital and labor remain constant but that the average educational level of ...

Suppose the price of capital and labor remain constant but that the average educational level of workers has increased and therefore, productivity of labor increases. This would lead a firm

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to keep its output and production technology unchanged, but to use fewer units of labor.

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to use only labor to produce the product.

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to adopt a more capital-intensive production technology.

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to adopt a more labor-intensive technology.

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InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

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