Answered: Refer to Figure 11-1. Diminishing…

Refer to Figure 11-1. Diminishing marginal returns is illustrated in the per-worker production function in the figure above by a movement up along any of the production functions.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 24RQ: What is a production technology?

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Question

Refer to Figure 11-1. Diminishing marginal returns is illustrated in the per-worker production function in the figure above by a movement up along any of the production functions. from Production function 1 to Production function 2. from Production function 1 to Production function 3. from Production function 2 to Production function 1.

Figure 11-1
Real GDP
per hour
worked, Y/L
A
$40
D
IC
B
60
Production
function,
Production
function,
Production
function,
Capital
per hour
worked, K/L

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What is a production technology?
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