After a technical or managerial innovation, a firm can produce more today from a given amount of
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After a technical or managerial innovation, a firm can produce more today from a given amount of inputs than it could in the past. In farming, for example, new seed varieties, fertilizers, machines, and livestock feeds have greatly increased agricultural output over the past century even though the number of farmers has fallen in many countries. Was this technical progress neutral? In a figure, show how these technical changes affected isoquants.
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