Economics · Growth and Development
Which of the following statements regarding Hicks' neutral technical progress are correct? (i) It leaves the marginal rate of substitution unchanged at a constant capital-labour ratio. (ii) It is a technical change where the ratio of the marginal product of capital to that of labour remains unchanged at a constant capital-labour ratio. (iii) The average and marginal products of both factors increase in the same proportion at a given capital-labour ratio.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only (i) and (iii)
- 2Only (ii) and (iii)✓
- 3Only (i) and (ii)
- 4(i), (ii) and (iii)
Correct answer
Only (ii) and (iii)
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