Refer to figure 14-10 if there are 700 identical firms in this market, what is the value of Q1?
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Answer:
Elias Howe Jr. was an American inventor best known for his creation of the modern lockstitch sewing machine. This invetion was in 1846. The very first lockstitch sewing machine in the world. His invention helped the mass production of sewing machines and clothing. That in turn revolutionized the sewing industry and freed women from some of the drudgery of daily life at the time. Contrary to popular belief, Howe was not the first to conceive of the idea of a sewing machine. Many other people formulated the idea of such a machine before him, one as early as 1790, and some had even patented their designs and produced working machines, in one case, at least 80 of them.
It was Howe, however, who came up with significant refinements to the design concepts of his predecessors, and on September 10, 1846, he was awarded the first U.S. Patent (4,750) for a sewing machine using a lockstitch design. His machine contained the three essential features common in most modern machines: a needle with the eye at the point; a shuttle operating beneath the cloth to form the lock stitch; and an automatic feed.
Howe's design demonstrated the novel idea of a needle that carried the thread forward, through a piece of material, where another thread, held in a metal shuttle, passed through a loop in the middle thread (caused by the needle moving forward then suddenly backward). The needle was then retracted and this action pulled the two threads to lock them in the fabric. This is how the lockstitch was born.
The sewing machine is easier to use and also you can repair worn, torn or unused clothes by yourself. You can re-design your old clothing. You can even become a fashion trend-setter by making clothes in your own style. Having a sewing machine will save you from going to a tailor, thus helping you to save money.
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