This figure shows three different production functions. Using the diagram of the production function, answer the following questions.

(i) If the economy experiences technological innovation, this can be represented by the movement from point(s) _____ to point(s) _____.
(ii) If the economy experiences a decrease in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.
(iii) If the economy experiences an increase in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.

Question

This figure shows three different production functions. Using the diagram of the production function, answer the following questions.
  ​
(i) If the economy experiences technological innovation, this can be represented by the movement from point(s) _____ to point(s) _____.
(ii) If the economy experiences a decrease in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.
(iii) If the economy experiences an increase in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.

Quizplus · Accepted Answer

The Answer of This figure shows three different production functions. Using the diagram of the production function, answer the following questions.
  ​
(i) If the economy experiences technological innovation, this can be represented by the movement from point(s) _____ to point(s) _____.
(ii) If the economy experiences a decrease in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.
(iii) If the economy experiences an increase in capital stock, this can be represented by the movement from point(s) _____ to point(s) _____.

This Figure Shows Three Different Production Functions