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3.2.3. Influence of technological change
Technology refers to the available know-hows of producing an output using certain inputs. Technological change means improvement in the production know-how so that the output is enhanced. It shifts the production function over some range so as to produce more output with the same quantities of inputs or to produce the same output with less quantities of inputs. Therefore, while analysing the functional relationship between the output, say fish produced, with some inputs, say seed, feed, fertilisers, manures etc, it is generally assumed that the technology adopted remains the same. |
Last modified: Wednesday, 21 December 2011, 10:56 AM