Suppose That the Technology Used to Produce Computers Advances

question 405

Essay

Suppose that the technology used to produce computers advances. How does this change affect the supply of computers and the supply curve of computers?

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Definitions:

Total Cost

The entire expense of production, incorporating both consistent and fluctuating costs.

Produce

Refers to agricultural products, especially fresh fruits and vegetables, created through farming.

Utility

Utility is a measure of satisfaction or happiness that consumers derive from consuming goods and services.

Consumption

The use of goods and services by households or individuals, typically considered as the end phase in the economic cycle of production, distribution, and use.