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Define the process of creative destruction

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Define the process of creative destruction.

Assume that demand in a competitive market is given by the linear function: = 100 - and that current marginal cost of production is constant at $60. Now assume that there is a process innovation that reduces marginal cost to $28. Show that this is a non-drastic innovation. Explain your answer. How much would the innovation have to lower marginal costs for it to be drastic?

Reference no: EM132548464

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