Harold Washington College Costs in The Long Run Discussion

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Hello, I need help with this discussion board:Based on the following maximization condition:marginal product of labor/wage rate= marginal production of capital/ costs of capitalOffer as many explanations as possible for the following:ATM machines replacing bank tellersrobots replacing production workersonline teachingfewer secretariestypistsless first class mailPlease fins attached the key points from the lecture.I also need a response to 2 classmate posts, I’ll add it once they post it

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Key points from the lecture:
Costs in the long run:
All costs are variable – firms can choose various combinations of inputs ( capital and labor)
Firms can choose the combination of labor and capital that minimizes costs for a given level
of production or
maximizes output for a given cost.( Chapter 9 pages 295-297)
It is the same model we used for utility maximization- just change the terms
The conditions that result from the model are:
marginal product of labor/ wage rate = marginal product of capital/ cost of capital
Any change in any of the four:
labor productivity
wage rates
the productivity of capital> technology
cost of capital
results in a change in the levels of capital and labor that are the optimal combination.
Based on the following maximization condition:
marginal product of labor/wage rate= marginal production of capital/ costs of capital
Offer as many explanations as possible for the following:
ATM machines replacing bank tellers
robots replacing production workers
online teaching
fewer secretariestypists
less first class mail
ATM machines replacing bank tellers
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Using an ATM will limit how many tellers are needed to complete tasks that are more
simple and leave a smaller amount of workers that can deal with more complicated issues
for example asking questions and trying to sell people on credit cards or other kinds of
accounts that are available
ATM’s also are cheaper in the long run because wages do not have to be paid to an ATM
just maintenance to keep the machines working.
ATM’s also replace the company paying for benefits
robots replacing production workers
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Robots can help make the work more effient
Robots will lead to less workers meaning less wages to be paid
Robots will allow companies to avoid benefits and or injuries associated with the jobs
Robots will only require maintenance
online teaching
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Online teaching will allow for low skilled people to administer the classes
After the class is made teachers will no longer be needed in most cases
Less wages can be paid or lower wages can be paid than having a full time teacher
Online classes can also reach more students than a small classroom and for a lot of the
work it can even be instantly graded being more efficient
Can also be seen by students as an easy way out of a class meaning more students will like
the idea especially if they work around school
fewer secretariestypists
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Computers have advanced to technology that makes this work easier such as speech to
text or recording features
It becomes less of a skill if all people have access to the technology as well so there is less
demand for high skilled typists
Computers can replace wages for typist making it cheaper to achieve the same goal
Computers cost less in the long run
less first class mail
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The creation of online shipping companies and delivery makes it more efficient to get
what people want
Less wages have to be paid due to increased competition with other shipping options
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Lower skilled workers work in the alternative companies so lower wages are paid so high
paid workers wont seem as important.
1 day shipping is also a strong competition that comes usually with associated fees or
membership when it comes to alternative companies such as amazon

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