ECON 232 Study Guide - Final Guide: Deadweight Loss, Marginal Cost, Market Power

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19 Mar 2016

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Endogenous vs. exogenous technological change: physical and organizaional technology. The process of technological change: technique - adopion - adaptaion - innovaion. Fronier technology and rapid tech development promote rapid transiion to meg. >incenive to develop=>schumpeter"s (1942) theory of creaive destrucion . Available to irms with monopoly on new innovaion cost advantage. But ime limited due to incenive to innovate. Technology increases income per capita without saving on labour/raw material/investment. As for macro, eg are electricity and staem power, these are general purpose technology across country, it is hard to keep it quiet, easy to spread out through the world, factories spread quickly, difuse immediately, too disconinuous changes. As for micro, there are micro invenions and innovaion, which can be imitated. This is about how well you ind proitable ways of certain products like pc. So unique so one adaptaion doesn"t work elsewhere. Possibility of imitaion, not macro, not gb, not adopion, not adaptaion.

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