3. The Econville News reports the invention of a machine that allows cows to milk themselves....
3. The Econville News reports the invention of a machine that allows cows to milk themselves. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.
Homework Answers
As the cows can be milked by the machinery it will reduce the dependency of the firm on the employees and they will reduce the number of people hired, it will also reduce the cost of milk production, thereby the supply curve will shift to the right i.e. the firm will be producing more milk at the given price. the new equilibrium will be at a lower price and higher output.
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3. The Econville News reports the invention of a machine that
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Need help with 3, 4, and 5
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