Microeconomics cost and innovation

Business & Finance
Tutor: None Selected Time limit: 1 Day

Describe an example you are familiar with in which a technological innovation led to an improvement in productivity. What was the effect on the cost of doing business or activity in which this technology was employed?

150 words

Aug 5th, 2014

Well, Henry Ford is perfect for this. He innovated the technology concerning production completely. He invented an entirely new method, where multiple individuals were the parts to the machinery. This was the assembly line. The assembly line increased productivity a lot, so many more cars were being produced, at a more cost efficient price. Instead of making cars one at a time. They were all being made at the same time, one part at a time. So it probably costed a little more to pay people to work on the assembly lines, but the amount of production afterwords was worth the cost. Because he got rich. Many people could afford to buy the cars, because there were so many, that were being produced at such a low cost, he could charge low amounts of money for his product, and still make a profit.


I don't know how many words that is, but you could add some of your own words still. Make it yours.

Take care kiddo.

Aug 5th, 2014

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Aug 5th, 2014
...
Aug 5th, 2014
Dec 9th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer