Answer to Question #77467 in Microeconomics for Foday Bojang

Question #77467
with the aid of a graph, illustrate and critically analyze the concept of technical progress using an isoquant. the inputs are:
1) power tiller
2) hoes
1
Expert's answer
2018-05-22T09:39:08-0400
Graphically the effect of innovation in processes is shown with an upward shift of the production function, or a downward movement of the production isoquant. This shift shows that the same output may be produced by less factor inputs, or more output may be obtained with the same inputs.
Source:
https://www.economicsdiscussion.net/theory-of-production/technological-progresses-and-the-production-functions-with-diagram/5082

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