Identify changes in the technology of producing three products (not changes in t
ID: 1224095 • Letter: I
Question
Identify changes in the technology of producing three products (not changes in the technology of consumer products that are purchased by households). This is important. An example of a change in the technology of a consumer product that is NOT to be provided would be the addition of a camera or music to a mobile phone. Be sure to explain the change in technology and the product affected.
If the price of laser printers were to decrease what would be the direction of change (increase, decrease, no change) in each of the following variables for a typical firm in the industry: a. quantity supplied- b. total revenue- c. total costs- d. Profits-
Explanation / Answer
a technological change is an increase in the efficiency of a product or process that results in an increase in output, without an increase in input. In other words, someone invents or improves a product or process, which is then used to get a bigger reward for the same amount of work.
The telephone is an example of a product that has undergone a technological change. It has undergone many different changes over the years that have made it more efficient. Processes or products, such as the telephone, move through technological change in three stages:
Impacts of Technological Change; We have all likely experienced the impact of technology. Let's take a look at the ways, both good and bad, technological change has impacted our world:
When telephones were first invented, the object was to be able to verbally communicate with someone. Due to technological changes, we have multiple ways to communicate using our phones, such as text, email, or talk.
Technology makes it possible to perform everyday tasks faster and with less energy on our part. For instance, some people have a vacuum cleaning robot. Instead of spending 30 minutes vacuuming, they push a button and go do something else. That's efficiency.