ECON 101 Moraine Valley Community College Technological Advances Discussion
Question Description
no textbooks or other source materials needed.
price per TV quantity demanded per month quantity supplied per month
800 2,000 12,000
750 3,000 11,000
700 4,000 10,000
650 5,000 9,000
600 6,000 8,000
550 7,000 7,000
500 8,000 6,000
450 9,000 5,000
400 10,000 4,000
2) Refer to the above table. Suppose there are technological advances in the production of televisions. What will be the new equilibrium price.
3) Refer to the above table. Suppose the demand for televisions drops because more people watch TV shows on computers instead. What will be the new equilibrium price.
4) Using a graph, show a market equilibrium. Suppose the costs of inputs increase. How is this shown on the graph? Explain what is happening in the market.
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