Discuss, with Specific Examples, What Has Been Gained and What

question 39

Essay

Discuss, with specific examples, what has been gained and what has been lost as a result of the emergence of the Digital Age.

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Definitions:

Marginal Cost

The additional cost incurred from producing one more unit of a good or service.

Moral Hazard

The situation where one party in an agreement is tempted to take undue risks because the negative consequences of the risk will be suffered by the other party.

Efficient Level

The optimal point of production or operation where costs are minimized and productivity or utility is maximized.

Warranty

A guarantee, usually made by a seller to a buyer, promising to repair or replace a product if necessary within a specified period.