EBK MACROECONOMICS
5th Edition
ISBN: 8220106773925
Author: KRUGMAN
Publisher: MAC HIGHER
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Question
Chapter 9, Problem 4P
To determine
the table and draw the 2 production functions in one diagram.
Concept Introduction:
Rule of 70: It is the formula to estimate that how long a variable will take to get doubled.
Formula to calculate number of years to double a variable,
Here,
- R is current constant growth rate.
- N is number of year it will take to be double.
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- Production efficiency is most concerned with Choice of inputs in production process Quantity of outputs resulting from the production process The technological process of production All of the abovearrow_forwardChoose all of the following that are assumed to be constant while constructing the production possibilities curve Technology Precise mix of inputs Institutional arrangements like judicial protection of business contracts Outputsarrow_forwardA point that lies OUTSIDE of the PPC can be achieved if A major technological innovation increases production efficiency A sudden influx of resources e.g., massive immigration of trained nurses Economic reform resulting in greater protection of intellectual property rights All of the above Only options 1 and 2arrow_forward
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