Essay on BUsiness Law

Submitted By Stephanie-Navarrete

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From the 1990s, many have witnessed technological change as any other centuries. I remember beepers, huge computer screens, voicemail machines, CD players, telephone with cords, etc. In a blink of an eye, they have been replaced. Besides the actual product has advanced, the way they’re made has been too. This is known as technological change, a change in the ability of a firm to produce a given level of output with a given quantity of inputs. Technological change can be referred to goods/services and the work force. For example, a great example is how software is replacing workers. As secretaries, receptionists, call service centers’ employment is falling due to being replaced by computer systems. Alike for factory workers are being replaced by machines and computers that are able to make the goods/services themselves. This is bad and good, bad for the unemployment and good for the owners’, which has no cost to them. Whether a firm’s production is by hands or by machines, they’re identified into the short run and the long run. The short run is the period of time during which at least one of a firm’s inputs is fixed. The long run is the period of time in which a firm can vary all its inputs, adopt new technology, and increase or decrease the size its physical plant. A Chinese restaurant can increase its physical plant by adding another stove. In addition to increase the physical plant (every firm differs), total cost, variable cost, and fixed cost also needs to be analyzed. Variable costs are the costs that change as output changes and fixed costs are costs that remain constant as output changes. The firm’s total cost, the cost of all the inputs a firm uses in production, can be either fixed or variable. Depending on a firm’s short run, variable costs can range from labor fees, material fees, and utility fees or their fixed

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