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Assume that you have drawn a total product curve for labor given a technology. Now let some sort of technological change rise in the productivity of labor. A new total product curve would have to be drawn:
[1] above the old with a steeper slope for any level of employment greater than zero.
[2] above the old with a flatter slope for any level of employment greater than zero.
[3] below the old with a steeper slope for any level of employment greater than zero.
[4] below the old with a flatter slope for any level of employment greater than zero.
[5] directly over the old curve signifying no change in the total product graph; only the marginal product graph would change.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9309160

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