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Question
In the context of s-curves in technological improvement, as a technology begins to reach its inherent limits, the cost of each marginal improvement decreases, and the s-curve flattens.Answer
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Technological innovations increase:
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Technological innovation decreases the amount of output achievable from a given quantity of labor and capital.
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What are the factors that determine whether switching to a new technology will benefit a firm?
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How can the s-curves be used as a prescriptive tool? What would be the limitations of this approach?
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Once a new product design becomes a dominant design:
A. the product is no longer profitable.
B. it becomes difficult for competitors to imitate.
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Q:
Iris is quite skeptical about new innovations and is most likely to adopt something new only after experiencing peer pressure to adopt the new innovation. However, she is not so risk averse that she will wait until all uncertainty of a new technology has been resolved; she is willing to accept a little uncertainty if her peers already use the product. Which of the following adopter categories does Iris belong to?
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If a firm's objective is maximum market skimming, it will initially set a high price on new products.
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A. the firm must reduce its production capacity.
B. the firm should improve its efficiency to target the mass market.
C. the early majority market becomes saturated.
D. the early majority market is ready to buy the product.