Factors of shifts

Factors of shifts

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  • The Output Price 
  • With this new top hat craze, market price is goin' through the roof! We'll make so get paid way more!
  • I don't know, we can't keep up with demand. I hope the manger can fix this.
  • It was smart to employ more workers because the firm will produce more.
  • Earth, circa 12,000 years ago
  • Technological Change
  • With these new tools we will be able to change the way we farm.
  • The marginal product of each worker increased because the price of hats increased
  • The Supply of Other Factors
  • With all these new tools we can hire more workers that will build more buildings that we can sell.
  • Because of this demand for labor increased
  • The change in technology can lead to labor - augmentation. Labor - augmentation can cause more productive workers. 
  • Since there is an increase in an input the marginal product of each worker increases.
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