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marysya [2.9K]
4 years ago
15

The amount of cost cutting technical innovation introduced into a production process is a function of ?

Business
1 answer:
GalinKa [24]4 years ago
7 0

Answer:

It is a function of Technology

Explanation:

Cost cutting technological innovation is always seen as a new way of maximising profits in production and also minimising the overall cost of production.

This is possible through introduction of policies that take advantage of advancements in technology.

It entails the substitution of a less expensive alternative, developed for a given task, in an essentially unaltered product.

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Monetary policies come into play when they have to influence the real GDP and the inflation rate present in the economy, and such policies are authorized and taken by the Reserve bank.

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