Starting at Point B in the Diagram Below,identify Which Combinations

question 74

Essay

Starting at point B in the diagram below,identify which combinations of points illustrate technological change.Give a brief explanation to support your answer. Alt text for Question 46: For question 46,a graph illustrating technological change.
Long description for Question 46: The x-axis is labelled,capital per hour worked,K/L.The y-axis is labelled,real GDP per hour worked,Y/L.3 concave curves originating from 0 at the vertex are shown.5 points,A ($50000,$15000),B ($60000,$16000),C ($70000,$16400),D ($60000,$17000),and E ($60000,$15000)are plotted.The curve labelled Production function 1,passes through point E.The curve labelled Production function 2,passes through points A,B,and C.The curve labeled Production function 3,passes through point D.The 5 points are connected to their respective coordinates on the x and y-axis with dotted lines.

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Definitions:

Product Transformation Curve

Another term for the "production possibility frontier," which shows the different quantities of two goods that can be produced with a given set of resources.

Economies of Scope

Cost advantages that enterprises obtain due to efficiency improvements gained by producing a wider variety of goods or services.

Joint Cost Function

A cost function that describes the total cost of producing multiple products together, where the costs cannot be separated for each product.

Economies of Scope

Cost advantages that enterprises obtain due to a broad scope of operations or the variety of products and services offered.