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Technology is often talked as the key to moving economies from underdeveloped to developed. Technological advances, with reference to the Solow growth model, are the only way to sustain long run economic growth and development. Through technology some believe that developing countries can create convergence to higher growth and developed economies. Hence, technology plays a large role in the development of an economy because it can control how and how much of a good is produced. Technology is rapidly changing and its changes are evident in an economy. With an increase in availability of technology or even with the advancement of technology, a producer can achieve a larger amount of output and still use the same amount of labour hours. Technology allows for a more efficient use of capital and labour. 

Technology can therefore be used to aid in economic growth for a developing country. With greater national output, national income increases and a country will have access to international markets. The Industrial Revolution was a defining moment and a great example for the impact of technological change. Through technological change, the UK economy took off and entered into high sustained long run growth. This is often accounted for by the increases in technology in the manufacturing sector, i.e. the steam engine. 

Information technology has become a prominent area of technology that has affected economies in many countries. It is the retrieval, storage, and transfer of information using computing and telecommunications. Looking at information technology from a macro perspective, it impacts production, investment, and employment. From a micro perspective, it affects individual businesses. Technology is an important part of globalization as well as labor and capital.

With its many benefits, it is important to remember that technology can still have some negative effects. With improper implementation, technology can cause vast income and social imbalances within a developing country. Furthermore, when implementing technology into a developing country, the technology must be sustainable, in order to provide sustainable development for the economy.

Demand curve graph

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows: Technology (Web design and maintenance) $5,000 Postage and handling $1,000 Miscellane

Marketing plan idea

If you were to develop a marketing plan for an existing company, which company would you choose and why? For instance, if you were picking Starbucks, what would be a new marketing plan that they could use? I am looking for 3-4 cited paragraphs about an existing product/service that would be worthy of a good marketing plan (n

Equilibrium Price and Quantity of New Hybrid Automobiles

Demonstrate, using supply and demand analysis, the impact on the equilibrium price and quantity of new Hybrid automobiles when the following occurs. Using graphs, describe the change in the equilibrium price and quantity, and explain your answer. Is the equilibrium price higher, lower, or is the change indeterminate?

How to establish barriers to entry.

Discuss ways firms establish barriers to entry and explain how they benefit firms but not consumers. Give an example of a law or regulation that limits the ability of firms to establish barriers to entry and an example of a law or regulation that helps firms establish barriers to entry.

Tim Horton's and Reduction in Cost

Identify an organization and recommend methods to reduce costs. What effects do technologies have on costs? What are some lower-cost sources the organization can utilize to reduce costs? What considerations might cause a profit-maximizing firm to decide to forgo using lower-cost sources?

Production Technology Inputs

Consider a firm that uses two inputs. The quantity used of input 1 is denoted by x_1 and the quantity used of input 2 is denoted by x_2. The firm produces and sells one good using the production function f(x_1,x_2)=4x_1^0.5+3x_2^0.5. The final good is sold at price P=$10. The prices of inputs 1 and 2 are w_1=$2 and w_2=$3, respe

Economics of Oil, Gas, and Energy

I need assistance with the following line of questioning: What do you think are the prospects for reducing global climate-changing emissions? Be sure to address these points: - To what extent can this be done without harming global economic welfare? - What are the implications for demand-side economics of reducing climate

Information Management Systems

Please help me explore how can technology help human resource management (HRM) departments. Do they provide more value to the organization? In what ways? Also, identify and discuss significant current trends related to IT in a business setting and your personal life? What are the pros and cons to the increasing use of tech

Facebook Analysis

Please help me complete an analysis of Facebook and its relation to economics. Be sure to discuss how Facebook has both impacted and been impacted by the technological and other changes that comprise a low-friction economy as well as in terms of supply and demand, elasticity, and other basic economic disciplines. Also, help me f

Cost Concepts: Balance of Fixed and Variable Costs

Choose an organization that has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization. How can the organization use technology to change this balance for an advantage?

Apply economic cost concepts in making business decisions

Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs, and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. How would you describe the balance between the costs of automation, or

Clear Ltd. manufactures Plasma TV and distributes to retailed

Clear Ltd. manufactures Plasma TV and distributes to retailers under her own house brand. Recent trend in the market seems to favour the adoption of TV using either LCD or LED technology. Most major retailers are switching to offering LCD and LED TV. It is very likely that Plasma TV will become obsolete within the year. Sales fo

Reliability Exercise

1. Given the following component reliabilities of a simple system consisting of 3 components, find the reliability of the system (an electrical current will travel from pt. A to B successfully) A→.996—.990—.86→B (Series System) 2. Given the parallel arrangement of the same components determine the reliability of t

Technology and production functions

Microeconomics Exercises 1. You might think that when a production function has a diminishing marginal rate of technical substitution of labour for capital, it cannot have increasing marginal products of capital and labour. Show that this is not true, using the production function Q = K2L2 2. A firm produces a quantity Q

Economics pricing: Equilibrium Price and Quantity in the Market

Please help with the following problem. Explain what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well): a. The price of Coke decreases. b. Average household income falls from $50,000 to $43,000 c. There are improvements in so

Solow Model Steady State

6. According to the Solow model, how would each of the following affect consumption per worker in the long run (that is, in the steady state)? Explain and illustrate your answer graphically. 6a. The destruction of a portion of the nation's capital stock in a war. 6b. A permanent increase in the rate of immigration (which r

Sally is considering opening her own beauty salon. She anticipates the following costs per year: Furniture: $20,000 Additionally, Sally is withdrawing $34,000 from her savings account that pays 4% interest/year to purchase the furniture and equipment; she will quit her current job that pays $25,000 per year. She expects total revenues from the new business in the first year to be $70,000. Calculate the following: Equipment: $14,000 Rent: $12,000 Coloring products: $6,000 Styling products: $4,000 a. Explicit costs (list the items). b. Implicit costs (list the items). c. Accounting profit. d. Economic profit. e. Given this first-year information only, should Sally open a salon? 2. State whether the following decision is a short-run or long-run decision: a. ADM is deciding whether to install machinery that uses Human Machine Interface technology or 8-layer PCB prototype technology in its manufacturing plant. b. Wal-Mart hires additional seasonal workers during November and December. c. Bassett furniture manufacturers close all manufacturing plants in North Carolina, USA and outsource their furniture production to manufacturing plants in China. d. General Motors purchases new equipment to replace depreciating equipment.

1. Sally is considering opening her own beauty salon. She anticipates the following costs per year: Furniture: $20,000 Additionally, Sally is withdrawing $34,000 from her savings account that pays 4% interest/year to purchase the furniture and equipment; she will quit her current job that pays $25,000 per year. She expects to

Selective pricing of technology products

Apple has recently launched the iPod nano under two different versions:2GB and 4GB. There are two types of consumers of the iPod nano.Type 1 has relatively narrow musical tastes and can easily do with less than 500 songs.These consumers are willing to pay $200 for a 2GB or a 4GB.Type 2 consumers like to listen to many differen

Article summation

More transforming technologies Pipe Dreams - The Economist June 2, 2011 Parallel bars - The Economist June 2, 2011 Alpha geek - The Economist June 2, 2011

Transformative technologies discussed

Transforming technologies: Mechanical Advantage, The Economist July 16, 2011 Beam it up, The Economist March 10, 2011 Look into my eyes, The Economist June 2, 2011 Which one of these articles did you find most intriguing and why?

The American Economy

What improbable items are thieves stealing? What technology is used to catch them? What's wrong with America's economy, and is America's economic problem short term or long term? According to the author of "Seize the moment," what does government need to do at this point in history?

You are an Executive Chef at a private boutique hotel

You are an Executive Chef at a private boutique hotel on the beach in Florida, with 60 rooms; a banquet facility serving up to 175; a coffee bar in the lounge, which also offers complimentary cold breakfast; and a 50-seat table service restaurant for lunch and dinner, all encompassed in one building. The management team at your

Analyze an oligopoly.

TELEPACIFIC EXPANDS INTO TEXAS WITH TEL WEST PURCHASE, present two arguments. The first should argue in favor of the proposed merger, from the perspective of the firms. The second argues against the proposed merger from the perspective of the broader public interest. In those arguments, answer the following questions. 1. Expla

Cubby Corporation entered into a lease agreement for 10 photocopy machines for its corporate headquarters. The lease agreement qualifies as an operating lease in all terms except there is a bargain purchase option. After the 5-year lease term, the corporation can purchase each copier for $1,000, when the anticipated market value is $2,500. Glenn Beckert, the financial vice president, thinks the financial statements must recognize the lease agreement as a capital lease because of the bargain purchase agreement. The controller, Donna Kessinger, disagrees: "Although I don't know much about the copiers themselves, there is a way to avoid recording the lease liability. She argues that the corporation might claim that copier technology advances rapidly and that by the end of the lease term the machines will most likely not be worth the $1,000 bargain price. Answer the following questions. (a) What ethical issue is at stake? (b) Should the controller's argument be accepted if she does not really know much about copier technology? Would it make a difference if the controller were knowledgeable about the pace of change in copier technology? (c) What should Beckert do?

Cubby Corporation entered into a lease agreement for 10 photocopy machines for its corporate headquarters. The lease agreement qualifies as an operating lease in all terms except there is a bargain purchase option. After the 5-year lease term, the corporation can purchase each copier for $1,000, when the anticipated market value

Coase theorem and other concepts are assessed.

1. Despite the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problems caused by externalities. 2. According to the Coase theorem, if private parties can bargain without cost, then the private market will solve the problem of externalities 3. Government intervention in the econo

Monopolies and Oligopolies Explored

1. How many major wireless phone handset manufacturers are there? What is the market structure? What pricing strategies do wireless phone handset manufacturers use? How do wireless phone makers attempt to differentiate their handset offerings? 2. In two of the four market structures (monopoly, Oligopoly, Monopolistic Competi

Technology advancements are assessed.

The future possibility of doctors analyzing X-rays and performing other duties from remote locations via the Internet. How will this change affect international business? What other industries might be affected by similar technological advancements? Is this type of change entirely beneficial, or do you believe there will be nega