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    impacts of innovation and technology on the cost of production

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    What are the impacts of innovation and technology on the cost of production? What are the effects of technology on the various market structures?

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    https://brainmass.com/economics/technology/impacts-innovation-technology-cost-production-267913

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    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 ...

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    The impacts of innovation and technology on the cost of production are encompassed.

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