Explain How New Technologies, Which Increase Productivity, Affect the Average

question 444

Essay

Explain how new technologies, which increase productivity, affect the average variable cost, average total cost, and marginal cost curves.

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Definitions:

Postformal Thought

A proposed adult stage of cognitive development, following Piaget’s four stages, that goes beyond adolescent thinking by being more practical, more flexible, and more dialectical (i.e., more capable of combining contradictory elements into a comprehensive whole).

Operational Thought

A stage in Piaget's theory of cognitive development where children develop the ability to think logically about abstract concepts.

Concrete Thought

Thinking that is literal and focused on the physical world, often observed in early cognitive development.

Hypothetical Thought

Thinking that involves considering possibilities, scenarios, or outcomes that are not based on immediate reality but on imagined or projected situations.