Technological breakthroughs make solar water heaters cheap

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Reference no: EM131206354

Suppose that new technological breakthroughs make solar water heaters extremely cheap to run, compared with water heaters that use fossil fuels, and only moderately expensive to install. Illustrate on a graph what you might expect the short-run and long-run demand adjustments to this price drop to be. What sorts of factors affect how long, in real time, it might take for the "long-run" situation to occur?

Reference no: EM131206354

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