21 market changes suppose there was new technology discovered that would increase production of tvs (line…

21 market changes suppose there was new technology discovered that would increase production of tvs (line shifts by 2000). would this affect the supply curve or demand curve? draw a line above that would represent this change and label the line s. 22 what would be the new equilibrium price? mark this price above and label it e 23 using this new change in supply, if the demand for tvs also increases by 2000 units because of an increase in incomes (demand curve shifts), what would be the new equilibrium price? mark this price above and label it e

21 market changes suppose there was new technology discovered that would increase production of tvs (line shifts by 2000). would this affect the supply curve or demand curve? draw a line above that would represent this change and label the line s. 22 what would be the new equilibrium price? mark this price above and label it e 23 using this new change in supply, if the demand for tvs also increases by 2000 units because of an increase in incomes (demand curve shifts), what would be the new equilibrium price? mark this price above and label it e

Answer

Explanation:

Step1: Analyze impact on curves

New technology increasing TV production shifts the supply curve to the right. This is because producers can now produce more at each price level.

Step2: Determine new equilibrium price (Q22)

Without specific supply - demand functions or a graph with numerical values, we can only say conceptually that the right - ward shift of the supply curve will decrease the equilibrium price (assuming a normal downward - sloping demand curve and upward - sloping supply curve). But to find the exact value, we need more information like equations of the curves or a detailed graph.

Step3: Analyze combined shifts (Q23)

When both supply and demand increase by 2000 units, the net effect on the equilibrium price depends on the relative elasticities of supply and demand. If supply is more elastic than demand, the price will decrease; if demand is more elastic than supply, the price will increase; if they have similar elasticities, the price may remain roughly the same. Again, without specific functions or a detailed graph, we can't determine the exact new equilibrium price.

Answer:

For Q21: The supply curve is affected and shifts to the right. For Q22: Cannot be determined without more information. For Q23: Cannot be determined without more information.