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Explain one way in which hiring an additional worker could lead to an increase in human capital.

A. Hiring an additional worker alone will lead to an increase in human capital.
B. Hiring an additional worker could lead to an increase in human capital if the firm were able to make a profit from the productivity of the new worker.
C. Hiring an additional worker could lead to an increase in human capital if the worker were able to produce more output per number of labor hours worked than other workers.
D. Hiring an additional worker could lead to an increase in human capital if the worker were to bring new skills and experience that can be taught to other workers.

Answer :

Final answer:

Hiring an additional worker increases human capital if the worker introduces new skills that enhance the workforce's overall productivity. Short-term benefits include removing work bottlenecks, while long-term benefits come from continuous skill improvement and the fostering of innovation.

Explanation:

Hiring an additional worker could lead to an increase in human capital if the worker were to bring new skills and experience that can be taught to other workers. In an economy, the amount of labor available can be increased either by adding more workers or by improving the workers' skills and experience, also known as human capital. Hiring someone who can contribute additional skills fosters an environment where knowledge is shared and the overall skill level of the workforce is elevated, thereby increasing the productivity of the company.

Moreover, in the short run, labor is often the only variable factor that a firm can adjust to increase output. A new worker can directly contribute to the firm's total product and marginal product by performing tasks or sharing expertise that removes bottlenecks, such as answering the phone, freeing up others to optimize their work. However, it is also important to consider the concept of diminishing marginal productivity, which occurs when adding more workers results in a lower increase in output per additional worker hired.

Investing in human capital, therefore, encompasses short-term adjustments as well as longer-term strategies such as continuous training and education, which can significantly impact economic growth when combined with other factors like physical capital and technology. An educated and skilled workforce is essential for innovation and effectively utilizing new technologies.

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Final answer:

Hiring an additional worker could lead to an increase in human capital if they bring new skills and experience to teach others.


Explanation:

Hiring an additional worker could lead to an increase in human capital if the worker were to bring new skills and experience that can be taught to other workers.


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