What is meant by technological advance, as broadly defined? How does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a fifirm into a profifi table purely competitive industry; the imitation of a new production process by another fifirm; an increase in a fifi rm’s advertising expenditures?

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A: Creative destruction describes the intentional destroying of laid-out processes to clear a path for…

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A: In perfect competition, profit is: π=TR-TC Breakeven point is where TR and TC are the same (zero…

Q: Why is innovation so important for firms to compete in many industries?

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only the first…

Q: Explain Theory of production, and Theory of cost. Analyze the business, using at least a…

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A: Homogenous product: Homogenous products or homogenous goods are those goods that are similar in…

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A:

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Q: A: How can explain the micro economics in this advanced age? B: Define the term production?

A: Answer for A part:

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Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: For each of the following examples, explain whether it is a case of external or internal economies…

A: - External economies of scale happen when the expense per unit of result relies upon the size of the…

Q: Alternative ways of making 100 shirts a day are in the table below: Method Labor (hours) Capital…

A: An alternative method is said to be technologically(T) efficient if it is producing the maximum…

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Q: Which graph depicts a technological breakthrough in the production of Y only

A:

Q: speed at which one moves Do you expect the pace of techno- logical progress to speed up, slow down,…

A: The rate of technological advancement is slowing. Computers and the internet have accounted for the…

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Q: what is efficient scale in economics

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Q: Discuss how technological change can increase profits by raising revenues or lowering costs.

A: Answer - The technological change can increase profits by rising revneus or lowering costs:- 1.…

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Q: "Creative destruction" is the name given to: Select one or more: O a. The process of destroying…

A: The term Creative destruction is explained below:

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A: Meaning of Economics of Scale: The term economics of scale refers to the situation under which the…

Q: How does capital-intensive technical change help firms compete?

A: In a market, capital-intensive technical change refers ti the situation when technology in terms of…