Question

What is the effect of technological changes on the supply curve? Explain with the help of graph. [8]
OR
Describe the concept of Production Function in detail.

Answer 1

Answer:

Explanation:

Shifts in a supply curve are usually the result of advances in technology that reduce the input costs of production. Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices.