Using Two Graphs, Illustrate How a Positive Technological Change in the Market

question 193

Essay

Using two graphs, illustrate how a positive technological change in the market for notebook computers could eliminate short-run economic profit for a firm in that market.On the first graph, use a supply and demand graph to illustrate the positive technological change.On the second graph, use demand, ATC, MC, and MR curves to illustrate the elimination of economic profit resulting from the positive technological change.Explain what is taking place in each graph.

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Definitions:

School Psychologist

A School Psychologist specializes in the psychological assessment, intervention, and consultation within educational settings, aimed at supporting the mental health and learning needs of students.

Knowledge

The fact or condition of knowing something with familiarity gained through experience or association.

Thinking

The process of considering or reasoning about something, which involves the mental manipulation of information to form opinions, make decisions, or entertain ideas.

Cognitive

Relating to, or involving the mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.