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loljkomg1991 Group Title

what does new technology generally do to production

  • one year ago
  • one year ago

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  1. Zale101 Group Title
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    what new technology generally do to production is making a lot of goods and services, which increases the supplies. And by having many supplies, the cost should be lowered because the product is more available.

    • one year ago
  2. Zale101 Group Title
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    on the other hand, if supplies decreases, price should increase because the product is on scarce. There's less of it, but at the same time, we want to make more money out of it.

    • one year ago
  3. dumnut Group Title
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    new technology enables the people to get what they want such as 3-D printers increasing demand and increasing supply while lowering cost.

    • one year ago
  4. Linus_Caldwell Group Title
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    Not sure where this question comes from, but looking at neoclassical production functions, new technology scales up the production. That is we can produce more output with the same amount of inputs.

    • 11 months ago
  5. Splash_Dance Group Title
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    Yeah, I definitely agree with Linus--increases in technology means you can produce more, more cheaply.

    • 11 months ago
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