Technological advances.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Please answer questions D-H, I have already answered A , B,C but it may help you to still solve them yourself. Thank you!

2. A firm’s production function is given by:Q = 10KLThe unit capital and labour costs are 2 and 1 pounds respectively. The firm is contracted to produce2000 units.(a) Write out the optimisation problem of the firm. (b) Express this problem using a Lagrangian function. (c) Find values of K and L which fulfil the contract with minimal cost to the firm. (d) Calculate the total cost to the firm.

3. Consider the following estimated regression equation, estimated using a sample of firms, where RDis total firm spending on research and development in USD ($), Revenue is total firm revenuein USD ($), and W ages is the firms’ total spending on wages in USD ($) (standard errors inparentheses):RDd = 1000(600)+ 0.5(0.1)Revenue + 1.5(0.5)W ages,(a) Interpret the coefficients on each of the explanatory variables. (b) Which of the three coefficients are statistically significant at the 5% level of significance? Howdo you know? A researcher runs a two-sided statistical test of the null hypothesis that both the coefficients onthe explanatory variables above are jointly equal to 0.25 (mathematically, that β1 = β2 = 0.25),and reports a p-value of 0.045.(c) What does this p-value mean for the outcome of the test? (d) What would an appropriate two-sided alternative hypothesis look like?

Answer 2

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 6

Chapter 15, Problem 1DQ

To determine

Technological advances.

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 7

Chapter 15, Problem 1DQ

To determine

Technological advances.

Answer 8

Expert Solution & Answer

Answer to Problem 1DQ

a. Yes
b. No
c. Yes
d. No

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Technological advances can be broadly defined as any changes in the technology used in the production which leads to the development of new goods and services in the economy. The quality of the new products will be higher than the existing goods and services. The technological advances can be the development of new machinery or a new method or combination to produce the goods and services more efficiently.

The long run is a period of time which is sufficiently large to bring changes in all the factors of production of a firm. Thus, a very long run can be defined as the period in which everything related to the firm and its products can be changed. Technology will be constant in the long run but not in the very long run. In the very long run, even the technology can be changed and the advancements in the technology can lead to the introduction of new products by the firm, or more efficient production and distribution of the existing products by the firm.

Option (a):

The improvement in the production process can make the production procedure more efficient than the current situation by reducing time and effort. Thus, the innovation and the improvements in the production process are examples of technological advances.

Option (b):

The entry of the new firm into the competitive industry cannot be considered as technological advancement because it only increases the competition in the economy and it has nothing to do with the technological changes. The profit present in the market attracts new entrants; not technological advances. Thus, option ‘b’ is not an example for technological advances.

Option (c):

Technological advances can be brought by any firm in the market. When the technological advances are very noticeable and efficient, other firms will take up the advances by imitating them. It will help them to improve their production process. This process is known as diffusion. Thus, option ‘c’ is an example for technological advances.

Option (d):

Advertisement costs are the non-price factors in which oligopolists will compete with each others. The increased advertisement expenditure helps the firm to capture consumer preferences and seal the market share. Thus, option ‘d’ cannot be considered as an example of technological advances.

Answer 12

Economics Concept Introduction

Concept introduction:

Technological advances: They are the changes leading to new and better ways of producing and distributing, which will make production more efficient.

Answer 13

Ch. 15 - Prob. 1DQ Ch. 15 - Prob. 2DQ Ch. 15 - Prob. 3DQ Ch. 15 - Prob. 4DQ Ch. 15 - Prob. 5DQ Ch. 15 - Prob. 6DQ Ch. 15 - Prob. 7DQ Ch. 15 - Prob. 8DQ Ch. 15 - Prob. 9DQ Ch. 15 - Prob. 10DQ

Technological advances.

Technological advances.

Answer to Problem 1DQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 15 Solutions