I am agreeing with that statement “technology can control price because of:

i) Automation

Increase in the production rate at low price with the help of modern tools like automation, management techniques etc.

ii) Improved speed

The advancement of technology allows professionals to share information quickly and securely. This saves time, allowing for decision to be made faster and projects to be completed earlier.

iii) More consumption of goods due to reduction in price

According to supply-demand chain, low price due to more consumption. For example, electronic goods are cheaper now than yesterday.

iv) Lessen mistake and errors

Manufacturing cost shouldn’t be just above the finished product. If the product is faulty, this will also be a liability to the company. we have to deal with the cost of repairs. With new technology, it is possible to lessen mistakes and errors. In effect, it can lessen the number of products returned from the market. It also makes the customers happy, improving the overall reputation of the company.

v) Lessen energy cost

Green and efficient technology is now in demand. And it is in demand for good reasons. It performs the same amount of work for a business but also saves the environment in the process. For example the technology utilized by business to save energy is motion sensor switches. This means that an area will not light up unless there’s someone moving in the room.

vi) Reduce the need of manpower

Technological advancement can help give companies the chance to operate with a lower number of employees. If we look at car companies, for instance, they manufacture mostly with the help of machines with just a few technicians on standby to supervise if something goes wrong with the machines. That reduce the cost of the product

vii) Productivity monitoring

Productivity monitoring is just as important as the actual manufacturing process. New technology can help companies check if their production process is lagging. And, if there is an area where it needs improvement, it is easier to provide corrections and adjustments.

For examples;

Online shopping and payment system can reduce cost of clothes, electronic products etc., recharging sim card through online banking we get 2 percent benefit, High technology instrument help to carry out heavy construction work with short period of time that help to reduce construction cost.