Daily quiz-16 (02/23): Print your name and ID in BLOCK letters.
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Your Econ 102 Professor is producing well trained econ students through this course. The output (Y) of the production function is “well trained econ students”. Identify inputs listed in 1 – 4 as either “land/raw materials”, “labor”, “capital”, or “human capital”.
The lecture time of 50 mins, thrice a week: Ans: labor (your Prof. is the producer, producing good students)
The classroom, the seats, the projector, the board: Ans: capital
The Ph.D. degree your Professor has from some prestigious University: Ans: human capital
The 138 students enrolled in this course: Ans: land/raw material (In economics “land” is also used for raw materials. Raw material is what is being transformed such as corn into tortilla.)
Suppose the University makes Math 165 (an upper level Calculus course) a requirement for this course. How may this affect the production function?
Some of your responses: (1) “There would be smarter and better econ students , hence the outcome is a higher production function “ (2) “Since Calc 165 is capable of making even the most enthusiastic college student decide to drop out and dig ditches (Wow! Hey I like Calc. It is cool really – just needs getting used to!), this will lower the production function” (3) “Students coming to Econ 102 will come with greater knowledge and understanding and will perform at a higher level, taking less time and fewer resources to succeed in Econ 102, pushing the production function out”. (4) “This will decrease student enrollment but increase the math skills of those who enroll leading to improved common sense, a stronger economy and no more paid “economists” on Fox News to scare people into buying gold.” (I agree with you but hope FOX News is not listening!)
There were many more. Good job guys!