How has technology changed the balance between automation and labor and What type of industry benefits the most from technological innovation Custom Essay

Businesses often decide between using automation and labor in production. An automative environment may have fixed costs and low variable costs and an industry that utilizes manual labor for production will have low fixed costs and high variable costs. In general, how would you describe the balance between the costs of automation or fixed costs and the cost of labor or variable cost? How has technology changed the balance between automation and labor? What type of industry benefits the most from technological innovation? Provide specific examples.

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