Explain what occurs when a new technology makes another one, Ask an Expert

Economics

Suppose a worker is offered a wage of $ 5 per hour, plus a fixed payment of $ 40. What is the equation for the worker â€^TMs opportunity set in a given 24 hour day? What is maximum total earning the worker can earn in a day? The minimum? What is the price to the worker of consuming an additional hour of leisure?

A batch of 500 machined parts contains 10 that do not conform to customer requirements. Parts are selected successively, without replacement, until a nonconforming part is obtained. The random variable is the number of parts selected.

Explain what occurs when a new technology makes another one obsolete in terms of economic profit. Consider firm A to be an existing firm using the old technology. Firm B is the new firm with the new technology. Firm A earned positive profits for years, but with the entrance of Firm B, Firm Aâ€^TMs goods and services are no longer desired.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M9155785

Have any Question?Write your Review or question?

Related Questions in Business Economics

Give examples of how dominos has adapted its global

Give examples of how Domino's has adapted its global marketing mix to meet the needs of local consumers. Are you their customer? If so, why?

Imposing a tariff leads to the existence of two deadweight

Imposing a tariff leads to the existence of two deadweight triangles, which are the Consumption distortion and Production distortion losses. It is easy to understand why consumption distortion constitutes a loss for soci ...

In a survey of women in a certain country ages 20-29 the

In a survey of women in a certain country? (ages 20-?29), the mean height was 65.3 inches with a standard deviation of 2.71 inches. Answer the following questions about the specified normal distribution. ?(a) What height ...

Link changes in unemployment inflation wages and gdp to one

Link changes in unemployment, inflation, wages, and GDP to one another and how they impacted each other during periods of economic decline (recessions) and periods of economic growth (expansion) over the past 10 years.

Do you think that the taxicab industry in large cities

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?

The twin crises what are the causes of banking and

The Twin Crises: what are the Causes of Banking and Balance-of-Payments Problems?

Assume the following probabilitiespcustomer makes a

Assume the following probabilities: P(Customer makes a purchase) = 0.500 P(Customer does not make a purchase) = 1- 0.500 Compute the probability that both customers purchase (# purchases = 2), and enter your answer with ...

Are there other mechanisms that might alleviate housing

Are there other mechanisms that might alleviate housing shortage. Does the government create housing shortages unintentionally through policy sometimes. Could a black market help with the shortage.

A sample of 36 us households is taken and the average

A sample of 36 U.S. households is taken and the average amount of newspaper garbage or recycling is found to be 27.8 pounds with a standard deviation of 2 pounds. Estimate, with 99% confidence, the mean amount of newspap ...

State the total degrees of freedom for the

State the total degrees of freedom for the following t -tests. (If you need to use ∞, enter INFINITY.) (a) n = 17 for a one-independent sample t -test (b) df 1 = 12, n 2 = 18 for a two-independent sample t -test ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert