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what is an example of lower production costs brought about by technology
Technology affects the utilisation rates, marginal productivity, and inter-input returns from production. Development and investment in technology leads to lower production costs, which, in turn, lead to improved social outcomes due to lower unit costs. Technology allows for the expansion of possible production within the same feasibility constraint, allowing Pareto efficient outcomes to be greater than before technological growth.
It has a lower opportunity cost for production of that good.
There are many different things that may or may not affect the influences of technology, but a simple one is that it takes away simple jobs in some cases. In another way, production technology can effect local buisnesses. For example, a Wal-Mart could simply destroy a small ice cream shop, for obvious reasons. Many things in production technology, such as building fast working machines, is difficult to program and very expensive. Many wealthy people tend to benifit from mass production, and further, production technology. In a positive way it makes things cheaper, the more you make, the lower the calue goes. In a dangerous enviornment, a robot or some other aspect of technology can be untilized to the benefit of humans.
Narmer brought Upper and Lower Egpt together.
Because production costs (especially labor cost) is lower in PRC.
Domestic producers competing with imports suffer from lower prices and fewer sales. They have less revenue and resource owners doing the production have less income. However, Domestic consumers enjoy lower prices!
Telecommunication devices allow consumers to evaluate products, compare prices, and order products. The devices allow a company to reach more customers, track sales, and see if there are times when sales are higher than usual or lower than usual.
An electric power company charges less for electricity used during off-peak hours when production costs are lower.
Country A has a lower opportunity cost for producing televisions.
As the assembly line mode of production improved, it took less time to build a vehicle. This resulted in a lower price. As an example, the 1909 Ford Model T sold for $825 but by 1927, the last year of production the price had fallen to $360.
Dumping is an example.. this is where a company will sell its products lower than its production cost and therefore making a loss. The advantage for them is it will cause competitors to be forced out of the market, and afterwards they can then raise the cost for greater profit.