Define benefit of the lower production costs

Reference no: EM131481026

Question: The cost of many electronic devices has fallen appreciably since they were first introduced. For instance, computers, cell phones, microwaves, and calculators not only provide more functions but do so at a lower cost. Illustrate the impact of lower production costs on the supply curve. What happens to the size of the consumer and producer surplus? If consumer demand for cell phones is relatively elastic, who is likely to benefit the most from the lower production costs?

Reference no: EM131481026

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