Draw a fuzzy or flexible production function

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Reference no: EM131484882

Question: Draw a "fuzzy" or "flexible" production function showing how accumulating more human capital (the variable on the horizontal axis) can result in different levels of per capita output (the variable on the vertical axis) depending on the spillover effects and positive externalities to the economy that human capital accumulation provides. Think, for example, of a string in the shape of a production function that is not fixed in place, but is capable of sliding upward as spillovers occur at any given level of human capital accumulation. Are there increasing returns to your input?

Reference no: EM131484882

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