This is a paper that is focusing on the microeconomics 2302 questions for exam 3. The paper also provides additional information to use in the writing of the assignment paper. Below is the assessment description to follow:
Microeconomics 2302 questions for exam 3
You must send me your answers to all of the questions and I will grade 6 of your answers.
1. Technology, R & D, and Efficiency.
a. Invention:
i. Thoroughly and completely explain Invention.
ii. Distinguish between invention as a process and invention as a result and give 2 examples of each.
iii. The case of a slow growth / no growth economy.
1. We live on a planet with finite resources which makes continued economic growth difficult to maintain. Please explain how invention as a process and invention as a result might be impacted by a slow growth /no growth economy.
iv. What can we do to cause Invention to happen in a slow growth / no growth economy? Be specific.
b. Innovation.
i. What is it?
ii. For each of the types of innovation covered in the slides and audio:
1. Provide 2 examples of each (that were not included in the
slides or audio) and explain why these are good examples of those types of innovation.
2. For each of your examples explain how these two types of innovation were used to drive up profits.
a. Discussthe2keyfactorsrequiredtodriveupprofits (drive down costs and drive up revenues). Include explanation of how new products gain customer acceptance, including the importance of the relationship between price and utility.
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iii. The case of a slow growth / no growth economy.
1. Explain how our ability to do process and product innovation
might be impacted by a slow growth / no growth economy, and what we can do about the problem.
c. Diffusion.
i. Define it,
ii. Explain how it works,
iii. Give 3 examples involving firms that have lead diffusion of some innovation and why these represent good examples of diffusion,
iv. The case of a slow growth / no growth economy.
1. Discuss how diffusion might be affected by a slow growth / no growth economy.