1. Illustrate the following with supply and demand curves:
a. With increased access to wireless technology and lighter weight, the demand for laptop
computers has increased substantially. Laptops have also become easier and cheaper to
produce as new technology has come online. Despite the shift of demand, prices have fallen.
b. Cranberry production in Massachusetts totaled 2.37 million barrels in 2008, a 56 percent
increase from the 1.52 million barrels produced in 2007. Demand increased by even more
than supply, pushing 2008 prices to $56.70 per barrel from $49.80 in 2007.

Question

meta668 meta668

23-01-2022
Law

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1. Illustrate the following with supply and demand curves:
a. With increased access to wireless technology and lighter weight, the demand for laptop
computers has increased substantially. Laptops have also become easier and cheaper to
produce as new technology has come online. Despite the shift of demand, prices have fallen.
b. Cranberry production in Massachusetts totaled 2.37 million barrels in 2008, a 56 percent
increase from the 1.52 million barrels produced in 2007. Demand increased by even more
than supply, pushing 2008 prices to $56.70 per barrel from $49.80 in 2007.

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JamesMontefalco12 JamesMontefalco12 · Answer 1 · 2022-01-23T12:16:36+01:00

Answer:

B. Cranberry production in Massachusetts totaled 2.37 million barrels in 2008, a 56 percent

increase from the 1.52 million barrels produced in 2007. Demand increased by even more

than supply, pushing 2008 prices to $56.70 per barrel from $49.80 in 2007.

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•A demand curve shows the relationship between quantity demanded and price in a given market on a graph.

•Supply curve, in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.

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