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The capital-output ratio (COR) in an economy refers to the amount of capital required to produce one unit of output. The Incremental Capital Output Ratio (ICOR), a dynamic version of COR, specifically measures the additional capital needed to produce an additional unit of output. It is calculated as the ratio of investment to the corresponding increase in output. A lower ICOR indicates greater efficiency in capital use, while a higher ICOR implies lower productivity of capital. Several factors influence the capital-output ratio in an economy. One significant factor is the level of technological development. Advanced technology enhances productivity by allowing more output to be produced with the same or even lower levels of capital, thereby reducing the ICOR. Conversely, outdated technology increases the capital requirements for production, resulting in a higher ICOR. For example, in India, technological advancement _____ _________ _________ _______ ___ ________ _________ _____.
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