If we depict the economy, using Solow's model, in a diagram with per capita output y on one axis and the ratio of capital to labor, k, on the other, then technological progress will appear in this model as:

Question

Quizplus · Accepted Answer

Technological progress in the Solow model is represented as an upward shift in the production function, indicating that for any given level of capital per worker, output per worker is higher due to improvements in technology.

If We Depict the Economy, Using Solow's Model, in a Diagram