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Textbooks / Business / Principles of Economics 6 / Chapter 7 / Problem Problems and Applications 7.7

The cost of producing flat-screen TVs has fallen over the past decade. Lets consider

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Problems and Applications 7.7 Chapter 7

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Problems and Applications 7.7

The cost of producing flat-screen TVs has fallen over the past decade. Lets consider some implications of this fact. a. Draw a supply-and-demand diagram to show the effect of falling production costs on the price and quantity of flat-screen TVs sold. b. In your diagram, show what happens to consumer surplus and producer surplus. c. Suppose the supply of flat-screen TVs is very elastic. Who benefits most from falling production costsconsumers or producers of these TVs?

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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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The cost of producing flat-screen TVs has fallen over the past decade. Lets consider