Discuss in Brief the Waves of Innovation That Have Taken

question 2

Essay

Discuss in brief the waves of innovation that have taken place since the beginning of the Industrial Revolution.

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Definitions:

Fixed Costs

Costs that do not change with the level of production or sales, such as rent, salaries, or insurance.

Operating Income

Operating income is the profit realized from a business's core operations, excluding deductions of interest and taxes.

Variable Cost

Costs that change in proportion with the level of output or production activity.

Fixed Costs

Overheads such as rent, salaries, and insurance that do not fluctuate with the level of goods produced or sold.