Identify two changes that would shift the marginal product of capital curve INWARD
Identify two changes that would shift the marginal product of capital curve INWARD
Homework Answers
The Marginal Product of Capital (MPK) is the additional amount of output that can be produced by employing one additional unit of physical capital,keeping everything else constant.
The Marginal Product of Capital curve can shift inward due to various reasons.Two of them are described below :
- Fall in the stock of capital : When the stock of capital declines, the MPK curve will shift inwards. The capital stock can fall due to various man made as well as natural reasons. For example war,natural calamities, etc.
- Obsolete or old capital stock : Every equipment has a living period. When the capital stock becomes old or obsolete,it produces less and less with every additional unit of capital employed. and thus the MPK curve shifts leftward.
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Identify two changes that would shift the marginal product of
capital curve INWARD
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