What are the impacts of innovation and technology on the cost of production? What are the effects of technology on the various market structures?© BrainMass Inc. brainmass.com October 9, 2019, 11:47 pm ad1c9bdddf
The Merriam-Webster Dictionary defines technology as a manner of accomplishing a task, and this is the sense in which economists use it. Technology is anything that helps transform some input into some output: whether the transition occurs due to the use of some physical object, or some virtual concept is immaterial. Thus using a hammer to fix a table is technology, as is using computers to simulate a thermonuclear explosion.
Technology and innovation lower the cost of production by making more efficient use of available ...
The impacts of innovation and technology on the cost of production are encompassed.