What efficient institutions are adopted in a country

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Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.

a. Efficient institutions are adopted in a country. Label this production function F2.

b. A new technology is adopted allowing greater productivity. Label this production function F3.

How are these two changes different?

Reference no: EM13180597

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