opportunity cost with each new technological advancement.The extent of that cost can be measured with the tools of microeconomics that have been examined in this paper. Possible production frontier graphs can be employed in the planning and decision making stage prior to production. Determining how an item is priced, and therefore its profitability, is a function of marginal utility theory. All of this helps industry to decide if and how to go about introducing new products and technology. Thats critically important simply because just because we can, it doesnt always mean we should.Seal StraughNotes...
