Question

The choice of how much to produce depends on a variety of factors. One of the important factors is the cost of production. Two very important components of the cost of production are resource (input) price and technology.Draw a new supply curve that illustrates changes in supply when the production rise because price have increased and available technology has made production more expensive.

Answer 1

Answer:

Following are the solution to the given question:

Explanation:

Please find the graph image in th e attachment file.

In the question, it increases the manufacturing prices, which raises the corporation's expenditures, which increases the material production, mostly as a result of a decline in business production of materials, which will cause the aggregate demand through S to S' to be moved to the left.