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FIGURES FOR CHAPTER 7

APPLICATIONS TO PRODUCTION FUNCTIONS. FIGURES FOR CHAPTER 7. Click the mouse or use the arrow keys to move to the next page. Use the ESC key to exit this chapter. Figure 7.1 Diminishing marginal returns. Figure 7.2 The Cobb-Douglas production function fitted to their data.

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FIGURES FOR CHAPTER 7

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  1. APPLICATIONS TO PRODUCTION FUNCTIONS FIGURES FORCHAPTER 7 Click the mouse or use the arrow keys to move to the next page. Use the ESC key to exit this chapter.

  2. Figure 7.1Diminishing marginal returns.

  3. Figure 7.2The Cobb-Douglas production function fitted to their data.

  4. Figure 7.3Capital’s share of output, 1970–2001.Source: OECD, ratio of gross operating surplus and mixed income to GDP (income approach).

  5. Figure 7.4Solow’s data on the factor share of capital, 1909–1949.

  6. Figure 7.5Solow’s data on labor productivity and capital per worker, 1909–1949.

  7. Figure 7.6Solow’s calculations.

  8. Figure 7.7Solow 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.

  9. Figure 7.8Alternative substitution possibilities. MRTS, marginal rate of technical substitution.

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