Chapter Checkpoint
Study Plan Problems and Applications
Use the following information to work Problems 1 and 2.
When the first automobiles were built in 1901, they were made by skilled workers using hand tools. Later, in 1913, Henry Ford introduced the moving assembly line, which lowered costs and speeded production. Over the years, the production line has become ever more mechanized, and today robots replace people in many tasks.
Sketch the average total cost curve and the demand curve for automobiles in 1901 and in 2016.
Describe the changing barriers ...
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