EC-0005 Study Guide - Demand Curve, Price Fixing, Pyrroloquinoline Quinone

49 views15 pages

carminewater-buffalo115

21 Feb 2014

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

Document Summary

Technology- the processes a firm uses to turn inputs into outputs of goods and services. Technological change- a change in the ability of a firm to produce a given level of output with a given quantity of inputs. Basic activity of a firm: use inputs (workers, machines, natural resources) to produce outputs (goods and services. Short run- the period of time during which at least one of a firm"s inputs is fixed (some limitation) Long run- the period of time in which a firm can vary all its inputs, adopt new technology and increase or decrease the size of its physical plant (everything"s a variable) Total cost- the cost of all inputs a firm uses in production. Total cost = fixed cost + variable cost. Variable costs- costs that change as output changes. Fixed costs- costs that remain constant as output changes. Opportunity cost- the highest-valued alternative that must be given up to engage in an activity.

Related Questions

The difference between technology and technological change is that:

a. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

b. technology is carried out by firms producing physical goods but technological change is an intellectual exercise in seeking ways to improve production.

c. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

d. technology involves the use of capital equipment while technological change requires the use of brainpower.

coralbeetle694

The difference between technology and technological change is that:

(i) technology is carried out by firms producing physical goods but technological change is an intellectual exercise in seeking ways to improve production.

(ii) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

(iii) technology involves the use of capital equipment while technological change requires the use of brainpower.

(iv) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

plumelk226

The difference between technology and technological change is that:

1. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

2. technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production.

3. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

4. technology involves the use of capital equipment while technological change requires the use of brain power.

orangewhale173

EC-0005 Study Guide - Demand Curve, Price Fixing, Pyrroloquinoline Quinone

Document Summary

Get access

Related Documents

EC-0005 Lecture : Technology, Production Costs.docx

EC-0005 Study Guide - Free Market, Marginal Cost, Invisible Hand

EC-0005 Final: Final Notes.docx

Related Questions