ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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How do increases in technology affect the aggregate production funclion?
O A. With better technology, the aggregate production function shifts down because fewer workers are neoded
O B. Even with technology increases, the aggregate production function will remain constant unless the technology increases are matched by increases in the physical capital stock.
O C. As technology increases, diminishing marginal product sets in such that each unit of technology produces less output
O D. With increases in technology, the aggregate production function shitfts up, indicating more output is produced from the same amount of inputs.
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Transcribed Image Text:How do increases in technology affect the aggregate production funclion? O A. With better technology, the aggregate production function shifts down because fewer workers are neoded O B. Even with technology increases, the aggregate production function will remain constant unless the technology increases are matched by increases in the physical capital stock. O C. As technology increases, diminishing marginal product sets in such that each unit of technology produces less output O D. With increases in technology, the aggregate production function shitfts up, indicating more output is produced from the same amount of inputs.
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