Semiconductor memory is used mainly for primary storage even with its high cost. In another hand, the magnetic tape is the cheapest storage media and it is commonly preferred only as backup storage! Use your own words to discuss how the storage cost, speed and capacity trade-offs can affect the choice of storage media.

Storage costs are a big factor in choosing the type of storage media, especially for larger projects and firms. Tasks that require large backups tend to move to magnetic (tape) memory because of the relatively low cost and high overall storage capacity. However, when working with projects that require faster memory and access that is instantaneous, chip memory, even at the higher cost, is more preferable since it is always accessible.