Suppose the market for desktop computers is in equilibrium. Intel develops a new process for producing computer chips which does not improve performance, but does allow more chips to be produced at a lower cost. What happens to the equilibrium price and quantity?.

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13-09-2022
Business

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Suppose the market for desktop computers is in equilibrium. Intel develops a new process for producing computer chips which does not improve performance, but does allow more chips to be produced at a lower cost. What happens to the equilibrium price and quantity?.

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khuranashilpa76 khuranashilpa76 · Answer 1 · 2022-09-18T03:16:49-04:00

The market for desktop computers is in equilibrium. Intel develops a new process for producing computer chips that do not improve performance but does allow more chips to be produced at a lower cost. So as a result Equillibiriun price falls, and quantity rises.

Equilibrium price, also called market clearing price, is the consumer cost attributed to a product or service for which demand and supply are equal or nearly equal. Manufacturers or sellers can sell units they want to move, and customers have access to units they want to buy.

Economic equilibrium is a situation in which economic forces such as demand and supply are in balance and the values of economic variables do not change without external influences.

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