Graphically show and explain the effects of an improvement in the state of technology
What will be an ideal response?
An improvement in technology shifts the production function up, leading to an increase in output per worker for a given level of capital per worker.
Economics
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The marginal cost curve is U-shaped. Over the range of output for which the marginal cost is falling as output increases, the marginal product is
A) increasing. B) decreasing. C) constant. D) probably changing, but there is no stable relationship between the marginal cost and the marginal product. E) not defined.
Economics
When all else is held constant, during recessions government
(a) revenues and expenditures increase. (b) revenues increase and expenditures decrease. (c) revenues decrease and expenditures rise. (d) revenues and expenditures decrease.
Economics