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Chapter 1, Problem 1TC

BuyFindarrow_forward

Microeconomics (6th Edition)

6th Edition
R. Glenn Hubbard + 1 other
ISBN: 9780134106243

Solutions

Chapter
Section
BuyFindarrow_forward

Microeconomics (6th Edition)

6th Edition
R. Glenn Hubbard + 1 other
ISBN: 9780134106243
To determine

Economic incentive.

Explanation

Google is adding to its growing list of technological innovation by partnering with Swiss pharmaceutical company Novartis to develop smart contact lenses to help patients manage the diabetes. The increase in the number of people suffering from diabetes leads to increase the demand for smart contact lens and it easy to monitor their blood sugar levels. Here the lower costs and higher demand increase the profitability of smart medical devices. Google and Novartis respond to the economic incentive provided by these higher profits.

Concept

Concept introduction:

Economic incentives: Economic incentive refers to the additional benefit provided in order to achieve the desired economic activity. And it is motivates an individual to perform an economic action.

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