just lead to a shift in the supply curve.
Changes in a producer's technology can lead to a SHIFT in the supply curve.
A increase in supply will be because of an: Increase in technology, change in production climates (positive change), cost of production decrease or increase in number of producers,changes in the prices of other goods and services, subsides.
Movement along the Supply Curve is an indication of a change in Quantity Supplied.
Lowers production cost
A new technology allows producers to increase supply very quickly.
Changes in a producer's technology can lead to a SHIFT in the supply curve.
A increase in supply will be because of an: Increase in technology, change in production climates (positive change), cost of production decrease or increase in number of producers,changes in the prices of other goods and services, subsides.
It changes supply by how much is bought. The more technology that is bought, the less supply there is. The less that is bought, the more supply there is.
Movement along the Supply Curve is an indication of a change in Quantity Supplied.
Lowers production cost
A new technology allows producers to increase supply very quickly.
A change in quantity supplied is a movement along the upward sloping supply curve in response to a change market price (holding all other things constant - the ceteris pariubs assumption). Contrast this to a change in supply (a shift in the supply curve), which is caused by a change in the producers costs.
Producers typically are not concerned with demand. Producers however are concerned with supply because they are responsible for the supply.
true
A new technology allows producers to increase supply very quickly
A new technology allows producers to increase supply very quickly.
1. Number of producers ↑(↓) producers => ↑(↓) supply (S) 2. Resource prices ↑(↓) Resource Price => ↓(↑)S 3. Technology ↑ Technology=> ↑S (technology is assumed to never get worse) 4. Taxes/subsidies ↑(↓) Taxes => ↓(↑)S; ↑(↓) Subsidy =>↑(↓)S 5. Producer expectations (varies) 6. Prices of related goods ↑(↓) Substitute =>↓(↑)S; ↑(↓) Complements => ↑(↓)S