Final answer:
Production technology 3 is recommended for its lowest total cost, aligning with cost minimization principles when machine hours become cheaper, potentially increasing output and employment while affecting price-level.
Step-by-step explanation:
The question pertains to the selection of the most efficient production technology for a company that uses 3D printers. Based on the provided information, production technology 3 is recommended due to its lowest total cost. This decision aligns with the economic principle of cost minimization, where a firm aims to reduce costs by utilizing more machines if the machine hours become cheaper compared to labor. This strategic shift to a technology-intensive production process is expected when innovations increase productivity, which consequently can have a positive effect on output, potentially increase employment, and influence the price-level.
Considering the broader economies, if firms grow more optimistic about the future and innovations in 3D printing enhance worker productivity, we would anticipate an increase in output as firms invest more and productivity improvements allow for more efficient production. As a result of the increased productivity and economic optimism, employment could also rise due to higher production needs. However, the effect on the price-level could vary; improved productivity could lead to lower production costs and thus lower prices, but increased demand from a buoyant economic outlook could lead to higher prices.