Technological advances.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Ma2. Required: Question 3.(LO3 Apply) Simon Ltd is run by Simon Leather who makes leather belts for designers. He uses the finest Argentinean leather and needs highly trained machinists to make the belts up to the quality designers expect. His beits usually sell for £50 per item and use 0.2m² of leather and 30 minutes of labor. Simon Ltd has 5 staff. They work a standard 8-hour day, 5 days a week, 48 weeks of the year. They earn £15 per hour. Leather costs £20 per meter. Simon also has some variable overheads of £6 per unit. Fixed overheads are £28,800. a) Calculate the number of belts Simon will have to sell to break even. Simon decides to branch out and start to also sell handbags to the same market. The handbags sell for €250 each and use 1.5m² of leather with 1 hour of labor being required. Variable overheads are £20 per handbag. There has been a bad case of foot and mouth in Argentina. Simon can only use the leather he has currently being shipped to him for the next…

With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $ 40, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $ 2 per unit. 1). What is its total revenue? 2). What is its total cost? 3). What is the firm's profit or loss? The firm generates an economic ( choose one -a) loss, b) profit ) of...? 4). Will it continue to produce banana bread? ( Yes or No) 5). If this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good?

. Suppose that a car dealership wishes to see if efficiency wages will help improve its salespeople’s productivity. Currently, each salesperson sells an average of one car per day while being paid $20 per hour for an eight-hour day. LO17.8 What is the current labor cost per car sold? Suppose that when the dealer raises the price of labor to $30 per hour the average number of cars sold by a salesperson increases to two per day. What is now the labor cost per car sold? By how much is it higher or lower than it was before? Has the efficiency of labor expenditures by the firm (cars sold per dollar of wages paid to salespeople) increased or decreased? Suppose that if the wage is raised a second time to $40 per hour the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold? If the firm’s goal is to maximize the efficiency of its labor expenditures, which of the three hourly salary rates should it use: $20 per hour, $30 per hour, or $40 per hour?…

Answer 2

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 6

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 7

Chapter 15, Problem 1DQ

To determine

Technological advances.

Answer 8

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Answer 12

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 13

Ch. 15 - Prob. 1DQ Ch. 15 - Prob. 2DQ Ch. 15 - Prob. 3DQ Ch. 15 - Prob. 4DQ Ch. 15 - Prob. 5DQ Ch. 15 - Prob. 6DQ Ch. 15 - Prob. 7DQ Ch. 15 - Prob. 8DQ Ch. 15 - Prob. 9DQ Ch. 15 - Prob. 10DQ

Technological advances.

Technological advances.

Answer to Problem 1DQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 15 Solutions