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Mairoon Mairoon
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Posts: 850
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6 years ago
During the "computer revolution" of the 1980s and 1990s, many firms replaced old technology with new technology. What might explain why firms don't change technology as quickly today?
Textbook 
Microeconomics

Microeconomics


Edition: 6th
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wrote...
6 years ago
The marginal rate of technical substitution of old technology for new technology was low in the past, but the marginal rate of technical substitution of new technology for newer technology is higher today.
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