General Economics

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• Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs, and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. How would you describe the balance between the costs of automation, or fixed costs, and the costs of labor, or variable costs? How has technology changed the balance between automation and labor? What type of industry benefits the most from technological innovation

Choose an organization that has a high fixed cost and low variable cost balance to run its operations. Discuss the balance of fixed and variable costs for the organization. How can the organization use technology to change this balance for an advantage?

• As a student, what opportunity costs do you confront by enrolling in University’s MBA program? Does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities? For your organization, are opportunity costs fixed costs, variable costs, both, or neither

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