Chapter 12.2, Problem 1PC

Summary Introduction

To determine: The five groups on the diffusion of the innovation curve.

Introduction: Innovation is creation of a newer kind of already marketed products with new ideas for the goods and services produced in an economy in a given period of time.

Innovation diffusion curve is a curve that depicts the number of customers that use the innovated good in an economy in a given period of time that first increases and then tends to decrease due to which the diffusion curve is a bell-shaped curve.