Suppose a technological advance reduces thecost of making computers.a. Draw a
Chapter 7, Problem 9(choose chapter or problem)
Suppose a technological advance reduces thecost of making computers.a. Draw a supply-and-demand diagram toshow what happens to price, quantity,consumer surplus, and producer surplus inthe market for computersb. Computers and typewriters are substitutes.Use a supply-and-demand diagram to showwhat happens to price, quantity, consumersurplus, and producer surplus in the marketfor typewriters. Should typewriter producersbe happy or sad about the technologicaladvance in computers?c. Computers and software are complements.Draw a supply-and-demand diagram toshow what happens to price, quantity,consumer surplus, and producer surplus inthe market for software. Should softwareproducers be happy or sad about thetechnological advance in computers?d. Does this analysis help explain why softwareproducer Bill Gates is one of the worldsrichest men?
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