Distinguish between L3 Switch and Router

Question

Distinguish between L3 Switch and Router, when they execute similar function why do we require both of them?

Answer 1

Layer-3 switches do routing with the ASIC chips. Routers do it with a microprocessor and its related software. Thus, the Layer-3 switches are much quicker than traditional however cost more. We require them both since in many conditions a slow router is adequate and much cheaper than a gigabit layer-3 switch router.