Technological changes is one of the key determinant of the supply and we know that technological advancement in the production of a particular commodity will lead to increase the production level of the firm. This will lead to shift the supply curve rightwards, which increases the equilibrium quantity and decreases the equilibrium prices.
Hence, if the demand for the products is elastic then the total revenue of the firm increases because this firm has the more quantity effect than the price effect, so this will increase the firm's profit.
It is one of the administration of the business practice , which enable to create very high efficiency within the organisation .
This administration is concerned with converting the labor and the material into services and goods , in order to maximize the profit of the organization .
The operations management team attempt to balance out the cost with the revenue in order to get the highest net operating profit possible .
It is exclusive to the manufacturing sector only .
the best way to handle this situation is to share him responsibilities amongst available employees so as to keep the ball rolling in the office. business can't shut down because he didn't show up