Thank you for visiting Consider the following scenario then respond to questions a and b below The legalization of recreational marijuana is being considered in the state of Pennsylvania. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
To construct a per-worker production function for the scenario where Pennsylvania legalizes recreational marijuana, resulting in less productivity but more capital investment due to tax breaks, plot a graph with capital per worker on the x-axis and output per worker on the y-axis. Point A would represent the initial state before legalization, and Point B the state after, with possible decreased productivity but increased capital per worker.
Explanation:
The scenario describes the potential consequences of legalizing recreational marijuana in Pennsylvania, both negative (reduced productivity) and positive (increased capital for businesses due to tax breaks). When constructing a per-worker production function, it would be represented by a graph with the x-axis denoting the quantity of capital per worker (K/L) and the y-axis representing the output per worker (Y/L). Point A on the graph would represent the economy before legalization - a baseline of productivity and capital per worker.
Point B would reflect the economy after legalization, showing perhaps a slight downward shift if productivity per worker decreases but also a move to the right if capital per workforce increases due to the tax breaks on capital purchases for businesses.
This graphical representation assumes ceteris paribus - that other factors remain constant - so that we can isolate the effects of the legalization of recreational marijuana on productivity and capital. In reality, other economic variables might complicate this relationship. It's important to note that the argument assumes lower productivity post-legalization, which is not a foregone conclusion; economic outcomes depend on a multitude of factors, and the real-world impact of legalization could vary significantly.
Thank you for reading the article Consider the following scenario then respond to questions a and b below The legalization of recreational marijuana is being considered in the state of Pennsylvania. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
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