Question

Explain how firms production functions and costs curves will change as science and techno,ogy advance and as the knowledge of how to organize and manage resurces improves

Answer 1

Firm production functions and cost curve will change based on the available technology and the demands that the market would want to have. Because this is the basis for financial source and goal of the business, it can highly give impact, thus the business should be more flexible to adapt and compete at the same time. Overall the system and financial changes would also adapt with the effect of market acceptance.