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OlKu OlKu
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A year ago
In recent years, garbage collection has changed dramatically. Twenty-five years ago a crew of up to 4 or 5 workers and 1 truck collected residential garbage. Now collection is often done by one driver and 1 more fully automated truck. What is an explanation for this change?

▸ Firms and municipalities substituted away from a factor whose price was falling (labour) and toward a factor whose price was rising(capital).

▸ Firms and municipalities substituted away from an increasingly expensive factor (labour) and toward an increasingly inexpensive factor (capital).

▸ The marginal product of labour was falling over time while the marginal product of capital was rising.

▸ Over long periods of time, labour is always replaced by capital.

▸ Over long periods of time, capital is always replaced by labour.
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Microeconomics

Microeconomics


Edition: 17th
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ixi12ixi12
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A year ago
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OlKu Author
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A year ago
Thanks
jodie1
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Yesterday
Smart ... Thanks!
dearsophia21
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2 hours ago
Thank you, thank you, thank you!
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