Question

9. Explain how an improvement in technology for producing the good would
affect the equilibrium price and equilibrium quantity, keeping other factors
constant. Use diagram.​

Answer 1

Answer:

How are equilibrium price and quantity affected when income of the consumers increase and decrease? In case of normal goods income effect is positive which means with increase in income demand tends to rise whereas with decrease in income demand tends to fall

Answer 2

Answer:

The economic laws of demand and supply determine the markets for products and their equilibrium prices. However, economic forces can cause shifts in the demand and supply curves for a product and movements along the curves.

Changes in technology are one of those factors that influence the positions and movements of demand and supply curves. First, you should learn and understand the terminology that describes demand and supply curves.

2)If the demand for a commodity is perfectly elastic, i.e., if the demand curve is a horizontal straight line, a decrease in supply curve will result only in change equilibrium quantity, but no change in equilibrium price.

Explanation:

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