Question

What is the relationship between technical progress and growth of total factor productivity?

Answer 1

Answer:

The productivity of combined inputs of all factors is called total factor productivity. Thus technological progress means increase in total factor productivity. As a result of technological advance, it becomes possible to produce more output with same resources or the same amount of product with less resource.......

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Answer 2

Answer:

✨The productivity of combined inputs of all factors is called total factor productivity. Thus technological progress means increase in total factor productivity. As a result of technological advance, it becomes possible to produce more output with same resources or the same amount of product with less resource.