ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices.

Detailed explanation-2: -Technological change impacts the price of goods by lowering it since it reduces the cost of producing the same good. This is because it utilizes the same number of inputs but produces more output, which necessitates that producers lower the price they charge.

Detailed explanation-3: -New technology often has a positive effect on production because better equipment can produce more units per hour than outdated equipment. Quality may improve as well because a lot of technology has created machinery to be more precise during production.

Detailed explanation-4: -A technological improvement that reduces costs of production will shift supply to the right, causing a greater quantity to be produced at any given price.

Detailed explanation-5: -If the price of a resource used to produce the product increases, this will increase the costs of production and the producer will no longer be willing to offer the same quantity at the same price. They will want a higher price to cover the higher costs. This shifts the supply curve to the left ( S).