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Answer to Question #77574 in Microeconomics for Binta

Question #77574
With the aid of a graph illustrate critically anallyse the concept of technical progress using an isoquant. The inputs are tractor and hoe and tge output is groundnut
Expert's answer
Graphically the effect of innovation and technical progress 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:
http://www.economicsdiscussion.net/theory-of-production/technological-progresses-and-the-production-functions-with-diagram/5082

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