CAS EC 202 Chapter Notes - Chapter 10: Marginal Product

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cyangerbil317

13 Dec 2016

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: the state of technology (cid:1838): the amount of effective labor. Technological progress (cid:1870)(cid:1857)(cid:1856)(cid:1855)(cid:1857)(cid:1871) the number of workers needed to produce a given amount of output. Doubling a produces the same quantity of output with only half the original number of workers, l. Technological progress increases the output that can be produced with a given number of workers. Patents give a firm that has discovered a new product- usually a new technique or device- the right to exclude anyone else from the production or use of the new product for some time. On the one hand, protection is needed to provide firms with the incentives to spend on r&d. On the other, once firms have discovered new products, it would be best for society if the knowledge embodied in those new products were made available to other firms and to people without restrictions. To sustain growth, advanced countries, which are at the technology frontier, must innovate.

Related Questions

The difference between technology and technological change is that:

a. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

b. technology is carried out by firms producing physical goods but technological change is an intellectual exercise in seeking ways to improve production.

c. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

d. technology involves the use of capital equipment while technological change requires the use of brainpower.

coralbeetle694

The difference between technology and technological change is that:

(i) technology is carried out by firms producing physical goods but technological change is an intellectual exercise in seeking ways to improve production.

(ii) technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

(iii) technology involves the use of capital equipment while technological change requires the use of brainpower.

(iv) technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

plumelk226

The difference between technology and technological change is that:

1. technology refers to the processes used by a firm to transform inputs into output while technological change is a change in a firm's ability to produce a given level of output with a given quantity of inputs.

2. technology is carried out by firms producing physical goods but technological change is an intellectual exercise into seeking ways to improve production.

3. technology is product-centered, that is, developing new products with our limited resources while technological change is process-centered in that it focuses on developing new production techniques.

4. technology involves the use of capital equipment while technological change requires the use of brain power.

orangewhale173

CAS EC 202 Chapter Notes - Chapter 10: Marginal Product

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