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©2005 Brooks/Cole - Thomson Learning FIGURES FOR CHAPTER 7 APPLICATIONS TO PRODUCTION FUNCTIONS Click the mouse or use the arrow keys to move to the next page. Use the ESC key to exit this chapter.
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©2005 Brooks/Cole - Thomson Learning Figure 7.1 Diminishing marginal returns.
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©2005 Brooks/Cole - Thomson Learning Figure 7.2 The Cobb-Douglas production function fitted to their data.
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©2005 Brooks/Cole - Thomson Learning Figure 7.3 Capital’s share of output, 1970–2001. Source: OECD, ratio of gross operating surplus and mixed income to GDP (income approach).
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©2005 Brooks/Cole - Thomson Learning Figure 7.4 Solow’s data on the factor share of capital, 1909–1949.
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©2005 Brooks/Cole - Thomson Learning Figure 7.5 Solow’s data on labor productivity and capital per worker, 1909–1949.
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©2005 Brooks/Cole - Thomson Learning Figure 7.6 Solow’s calculations.
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©2005 Brooks/Cole - Thomson Learning Figure 7.7 Solow found that productivity increases are primarily due to technical change rather than capital accumulation—shifts upward in the production function rather than move- ments along it.
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©2005 Brooks/Cole - Thomson Learning Figure 7.8 Alternative substitution possibilities. MRTS, marginal rate of technical substitution.
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