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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Would you expect capital deepening to result in diminished1‘etmns? Why or why not? Would you expect improvements in technology to result in diminished returns? Why or why not?

To determine

To write:

If capital deepening will result in diminishing returns with the reasons and whether improvements in technology will result in diminishing returns.

Explanation

Some economists like Solo believe that the effect capital deepening on economic growth will subside after a period due to diminishing returns and depreciation. As more and more capital is employed per unit of labor, the marginal product of capital will fallafter some time...

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