Types of Costs Faced by a Firm
Q: Among the types of costs faced by a firm (short-run costs, fixed and variable, as well as long-run costs), how can technology help firms to lower their costs? What are some specific examples of how firms have used technology to lower costs?© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/economics/economic-development/types-of-costs-faced-by-a-firm-7e84
...firm to reduce its variable cost by eliminating high cost manual process to the low cost and most effective technology. Once the technology is used in the firm it just requires small maintenance cost that is far less than the firm using manual techniques.
For fixed cost, the fixed cost of the company increase with adopting the technology but the return from this fixed cost is higher. Also according to ...