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Technology has had a big impact on our lives and continues to impact people every day. Technology is improved daily and new technology enters our world. In America, we have gone from messengers to walking to the post office to use a land line to having cell phones with us at all times. In between, we have had land lines in each home, created walkie talkies and invented CBs for vehicles. A person has many different cell phone providers to choose from today but I would like to focus on Verizon Wireless and the cell phone service provided by this company. I will discuss individual pricing components of cellphones, issues that affect the cost of production, the market structure Verizon Wireless is in and the economic factors that impact demand and cost.
Cell phones have become a need for people. The largest opportunity cost of not having a cell phone is time. A person can be handling business while sitting on the subway or sitting in the doctor's office. Cell phones save a person time giving them the ability to multitask and not having to locate a land line to make a call. They are also time savers when a person has car trouble on a lone highway or freeway. Another service cell phones provide is free long distance. A person who has many family members and friends outside his town can benefit greatly from this service, and the monthly fee for the cell phone could be lower than his normal land line bill with long distance charges.
The utility of a cell phone is different for each person. One person might not have a cell phone nor does he see a use for one. Another person will say he does not know what he wou ...