Costs - 4 Flashcards
1
Q
how do you calculate marginal revenue
A
change in revenue/ change in output
2
Q
Define invention
A
the creation of a new product or process
3
Q
define innovation
A
new products and production processes that are developed into marketable goods or services , improvement of an existing product
4
Q
which supply curve does technological change shift
A
LRAS
5
Q
what does technological change show?
A
dynamic efficiency
