During the 1990s, technological advance reduced the cost of computer chips. how do you think this...
During the 1990s, technological advance reduced the
cost of computer chips. how do you think this affected the market
for computers?
For computer software ? For typewriters?
Homework Answers
Due to technological advances, the cost of computer chips reduces significantly and it led to the reduction in the cost of production of computers. It increased the supply of computers at lower price and sale of computers increases. Hence market for computers expanded. Now, computers and computer software are the compliment goods. It means that sale of computer software also increased with the increase in sale of computers, because each computer requires computer software. Hence, the market for computer software also expanded.
But, typewriters are the substitute to computers. Hence, demand for typewriters decreased, with an increase in the demand and sale of computers. It made the market of typewriters to contract and shrink.
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