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When capital grows relative to the number of workers, capital deepening occurs, enabling workers to produce more.
What is the capital deepening process?
The process of capital deepening involves increasing the quantity of capital per unit of labor by making technological investments. This raises labor productivity, overall production, and production costs, which in turn increases contribution margin.
Take industrial workers in a car plant as an illustration. Workers can create more automobiles in the same period of time if they have more access to the equipment and tools needed to do it.
What makes capital deepening crucial?
It is one of the ways we support long-term economic expansion and prospective output growth. Deepening boosts economic growth assuming that the labor supply (as shown by the work force) remains constant. People can employ the growing amount of capital items, such as machinery, to boost output.
learn more about Capital deepening here https://brainly.com/question/27353529
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