What Questions Should Managers Ask When Choosing Technology

question 115

Essay

What questions should managers ask when choosing technology?

Understand the impact of changes in production capacity on cost curves and firm's costs.

Apply the concept of user cost of capital and its components in the analysis of capital costs.

Analyze how the law of diminishing returns affects costs and the production function in the short run.

Calculate and interpret cost functions, including total cost, average cost, and marginal cost from given data or equations.

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Definitions:

Social Awareness

The recognition and understanding of the dynamics and complexities of social relationships, norms, and issues.

Ethnomethodology

Is the study of how people make sense of what others do and say by adhering to pre-existing norms.

Harold Garfinkel

A sociologist known for his work in ethnomethodology, emphasizing the ways people make sense of their everyday social interactions.

Erving Goffman

A sociologist known for his work on symbolic interactionism and the conceptualization of social life as a series of performances.