Every technology has a ' cost ' for example the basic bayonet has a theoretical cost of 10. A school would research at 1 per turn thus taking 10 turns. A college however could generate 1.5 so it would take 7 turns with a college.
Having an observatory adds a general bonus. A college + observatory generates .5 + 4%.
Assigning a gentlemen to a college also adds to the points generated. For each gentlemen a diminishing bonus is added. Each gentlemen adds a different basic value ( indivdual research rating ) Gentlemen can also be better or worse at the 3 areas of research. Being farming,industry and warfare.
All the above numbers are fictional but they are a solid guess based on my ( limited ) experience.
I hope this 'research in a nutshell' answers your questions
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