Final answer:
Improved technology means more output is possible with a given set of inputs. Production functions illustrate this concept, where technology improvements can lead to higher levels of output. Technotron is an example of a company benefiting from improved technology.
Step-by-step explanation:
Improved technology means that with a given set of inputs, more output is possible. This can be seen through the concept of production functions. For example, as technology improves, the production function shifts upward, allowing for higher levels of output for the same inputs. An American company called Technotron can serve as an example, where their new technology allows them to increase output and quality with fewer workers and lower cost.