types of costs faced by a firm
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Q: Among the types of costs faced by a firm (short-run costs, fixed and variable, as well as long-run costs), how can technology help firms to lower their costs? What are some specific examples of how firms have used technology to lower costs?
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Solution Summary
This solution discusses some of the types of costs that are faced by a firm.
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If we look at the production function technology play a crucial role. Technology is used to increase the productivity of the firm. When a firm uses technology it's per unit cost of production decline because of an increase in the output per unit of cost. A reduction in per unit cost automatically reduces the cost in short run.
As far as the variable cost of the firm is concerned, technology helps the ...
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- MBA, Indian Institute of Finance
- Bsc, Madras University
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