Property of diminishing marginal product

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Q1. On a 100-acre farm, a farmer is able to manufacture 3000 bushels of wheat when he hires two employees. Also he is able to manufacture 4400 bushels of wheat when he hires three employees. Which of the following possibilities is consistent with the property of diminishing marginal product?

Q2. If the elasticity of Consumption(C) with respect to technology (A) is less than 1 the elasticity of Investment (I) with respect to technology (A) is greater than 1

Explicate the impact of technology shock on the consumption and investment.

Reference no: EM139147

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