Using a production function and the concepts of the marginal product of capital and diminishing returns,...

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Using a production function and the concepts of the marginal product of capital and diminishing returns, briefly explain why technological advancement is required to sustain the process of capital goods accumulation. Using a production function and the concepts of the marginal product of capital and diminishing returns, briefly explain why technological advancement is required to sustain the process of capital goods accumulation.

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The production function is a mathematical representation of the relationship between inputs and outputs in the production of goods or services The mar... View the full answer