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Evaluating Strategies to Improve Labor Productivity
A farm manager wants to increase the farm's overall output. They are considering two options:
- Hiring more farmhands.
- Investing in new machinery that increases the amount each existing farmhand can produce, without changing the number of workers.
Evaluate which of these two options is the better strategy if the manager's primary goal is to increase the average product of labor. Justify your decision by explaining how each option affects the components used to calculate this productivity measure.
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Evaluating Strategies to Improve Labor Productivity