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Why does an advance in technology increase supply?
because labor's or capital's productivity increases and costs of production fall
Use mass production in a sentence?
Mass production is a good way to lower costs of manufacturing process.
Which is false There are costs associated with technology The government pays for expensive scientific research Science builds on itself Technology always helps society?
Technology always helps the society is false.
It is very difficult to predict all of the costs and benefits associated with science and technology.?
true
What is the assembly line an example of?
The assembly line is an example of mass production and industrial efficiency. It involves a sequential arrangement of tasks where each worker or machine specializes in a specific step of the manufacturing process, which significantly reduces production time and costs. This method allows for the consistent and rapid output of goods, exemplifying the principles of division of labor and standardization. The assembly line revolutionized industries, particularly in automotive manufacturing, by enabling the production of large quantities of products at lower prices.
What is an example of lower production costs brought about by the use of technology?
what is an example of lower production costs brought about by technology
Which is an example of spillover costs?
An example of spillover costs includes production costs passed to a third party without any form of compensation.
What are non production overheads?
Non production overheads are costs associated with the workings of a company. These costs do not go directly into making the item. For example, electricity or office space are non production overheads.
What are production costs?
Production costs are costs to produce
Why does an advance in technology increase supply?
because labor's or capital's productivity increases and costs of production fall
How successful generation and utilization of technology lead to economic development?
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.
What things do variable costs include?
Variable costs vary depending on a company's production. Production, or output, and costs are included in variable costs. Production and costs are directly related.
Can technology cause a drop in input costs?
Technology can cause a drop in input costs.
What is the fixed cost if production of 10 units cost 10 and 15 units cost 15?
In this example, since the total cost of production is $1/unit at any level, all costs are variable and fixed costs = 0.
What are spillover costs?
These are costs not included in production. They are sometimes absorbed by vendors or outside forces beyond the company. They are often related to consumption of the product. This can occur in pollution for example.
What is conversion costs?
Pricing is based on direct labor and overhead. Materials does not affect pricing. Example: Your customer provides materials used in production.
What does production theory help us understand?
Production theory helps us understand how firms make decisions regarding the combination of inputs to produce goods and services efficiently. It helps in analyzing factors that influence production, such as technology, resource availability, and costs. Additionally, production theory is important for understanding how changes in input quantities and technology impact output levels and firm profitability.
