True or false? An increase in Total Factor Productivity always increases the firm’s profit. (You can...
True or false? An increase in Total Factor Productivity always increases the firm’s profit. (You can assume there is no government for simplicity.)
Explain/ support answer
Homework Answers
True.
Total factor productivity is defined as the measure of productivity which is calculated by the total output divided by inputs (labor and capital). A higher ratio indicates more productivity which indicates the efficiency of capital and labor being used in the production process. So an increase in total factor productivity leads to increase in more output for the same resources being used which reduces the cost and increases the profit.
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True or false? An increase in Total Factor Productivity always
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