micro 12 - Nate Neroni Micro HW 12 1 Technological advance...

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Nate Neroni Micro HW 12 1. Technological advance is evidenced by new and improved goods and services and new and improved production and distribution. Improved production process-yes, entry of a firm into a profitable industry-no, imitation ofa new production process-yes, increase in advertisingexpenditures-no. 2. A- DIF B- INN C- INV D- INN E- DIF 3. Older technological advance was normally based as random and an external force to which the economy adjusted. Modern advance is more organized and planned. Firms set aside a certain amount for R and D and have ideas of what they want to develop/research. Entrepreneurs try to anticipate the future. They initiate changes in products and processes. Research by Universities and government affects innovators and technological advance because they oftentimes lay the groundwork for products that can be produced commercially by a firm within an industry. They are becoming this way because they
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