Technology and technological change.
Explanation of Solution
Technology refers to the processes a firm uses to turn inputs into outputs of goods and services. On the other hand, technological change is the change in the ability of a firm to produce a given level of output with a given quantity of inputs. An example of technology involves how well mangers arrange facilities to allow cooks to quickly cook the pizza, whereas an example of a technological change involves a firm’s managers increasing production of sales by creating a training program for cooks or installing faster cooking equipment.
Concept introduction:
Technology: Technology refers to the processes a firm uses to turn inputs into outputs of goods and services.
Technological change: Technological change is the change in the ability of a firm to produce a given level of output with a given quantity of inputs.
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Chapter 11 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Economics
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co