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Technological Innovation and the Cost of Production

Can you help with these questions?

a. What are the effects of innovation and technology on the cost of production? How does technology affect market structure and real-world competition? Which market structure is best suited for technological innovation? Explain your answer. How have technological innovations affected your organization?

b. How do you define social diversity and business ethics? How has a more diversified labor force affected the corporate structure and economy? What are some potential roadblocks in promoting a diverse workplace? Explain your answer.

Solution Preview

a. Innovation and technology not only help in improving the quality of product, service and organizational processes, but significantly help in improving the operational efficiency and thus, help in reducing the cost of production. Innovation and technology in today's business environment have led to signification improvement in terms of eliminating efficiency in manufacturing processes. Technology is today considered as a critical success factor for obtaining competitive advantage due to its impact on quality, cost of production and customer service. Companies are making increasing use of ...