In the early years of software development the industry had to train its own workers in developing code to build software applications. It was a very costly undertaking as software firms had to shoulder most of the training costs
However, over time the industry began to experience decreasing costs. How and why did this transformation take place?
Over time colleges, universities and technical institutes began to offer computer science course and degrees. Students then began to take on more of the cost of training. This no doubt led to declining cost for the software industry.
Economics
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Economics
If a market is allowed to adjust freely to its equilibrium price and quantity, then an increase in demand will
a. increase producer surplus. b. reduce producer surplus. c. not affect producer surplus. d. Any of the above are possible.
Economics