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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Understand different retail formats and categorization.

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Definitions:

Average cost method

An inventory costing method that assigns the average cost of all similar items to the cost of goods sold and to ending inventory.

Periodic system

An inventory accounting system that updates inventory balance and cost of goods sold at the end of an accounting period.

Ending inventory

The total value or quantity of goods on hand at the end of an accounting period.

LIFO method

An inventory cost-flow assumption where the last items purchased or produced are the first to be expensed as sold, opposite of FIFO.