When the first automobiles were built in 1901, they were made by skilled workers using hand tools.

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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 2020.

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Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

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