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Zale101
 one year ago
Best ResponseYou've already chosen the best response.0what new technology generally do to production is making a lot of goods and services, which increases the supplies. And by having many supplies, the cost should be lowered because the product is more available.

Zale101
 one year ago
Best ResponseYou've already chosen the best response.0on the other hand, if supplies decreases, price should increase because the product is on scarce. There's less of it, but at the same time, we want to make more money out of it.

dumnut
 one year ago
Best ResponseYou've already chosen the best response.0new technology enables the people to get what they want such as 3D printers increasing demand and increasing supply while lowering cost.

Linus_Caldwell
 one year ago
Best ResponseYou've already chosen the best response.0Not sure where this question comes from, but looking at neoclassical production functions, new technology scales up the production. That is we can produce more output with the same amount of inputs.

Splash_Dance
 one year ago
Best ResponseYou've already chosen the best response.0Yeah, I definitely agree with Linusincreases in technology means you can produce more, more cheaply.
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