Option #1: Technological Advancement for Firms Essay

Using what you have learned in this week’s readings, and in consideration of the arguments made by Chandler in one of your assigned readings, Enduring Logic of Industrial Success, answer this question:
What role will technological advancement play in the future evolution of firms and industries?
Create a graph that illustrates the effect of technological advancement on the different cost curves discussed in this module. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.
Requirements:
Your paper should be at least 2 pages in length and must conform to the CSU-Global Guide to Writing and APA Requirements.
Include the supply-demand graph you created based on the requirements established. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.
Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.

SAMPLE SOLUTION

Stadler (2011) postulated that the survival of firms within an industry is dependent on its ability to adapt current technological advancements. He noted that technology advancement results in cost reduction associated with economies of scale and scope (Stadler, 2011). The economies of scale and scope give firms a competitive advantage that is critical to its survival in future. This necessitates management of firms to acquire modern technology to increase productivity (Palamountain et al., 2012)
Role of Technology in Evolution of Firms
Kearney (2017) noted that adoption of new technology produces value to firms. He also identified that technology gives firms a competitive advantage through four mechanisms which include; engineering and modernization, digital modernization of…