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Microeconomics Take Home Final However changes in productivity of the digital audio industry can alter demand The higher the productivity of a resource the greater will be the demand allowing all firms to lower cost The audio digital industry will depend on the amount of other resources in which it is associated New technical advancements will increase the productivity of engineers causing the demand curve to shift to the right for audio engineers This new technology makes these engineers more efficient by allowing them to eliminate preliminary testing steps We have seen how technological advancements improve productivity these new advancements can also include labor By reducing preliminary test we are able to see faster production and products that are more efficient which intern reduces labor for Yamaha products By eliminating these preliminary tests it allows the digital audio engineers to focus more attention toward the final product With the demand for digital audio products creates a demand for new digital audio engineers These engineers obtain new knowledge of their skill which increases productivity that leads to their higher wages An increase in the productivity for engineer in this market results in an increase in demand for digital audio engineers This causes individual firms Sony Yamaha to raise their highly skilled workers wage rate up In the Short-Run the demand for resources audio digital engineers and prices wages will eventually increase Intern causing demand for digital audio substitutes demand to rise The prices wage will go up causing profitability to decrease in which firms will look towards cheaper substitutes These decreases cause demand for substitutes to increase in the Long-Run Question 2 In most business their main goal would be profit maximization while remaining a responsible and ethical firm This can be achieved through the learning curve gains Economy of scale or any other method of increasing efficiency profit By increasing efficiency intern leads to minimizing cost In most individuals
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