Learning Contents:                                                               ·              Impact of adopting a new or advanced technology on the supply of the firm. ·              Impact of continuing with an old or outdated technology on the supply of the firm. Technological improvements transform the way goods are usually produced and consumed. With technological improvements, firms can create new, innovated or improved goods and services which not only will increase firm’s production or supply but profits too. In simple words, firms can increase the supply of goods and ...

   Learning Contents:                                                              ·           Difference between  Contraction of Supply and Decrease in Supply. Difference between Contraction of Supply and Decrease in Supply   Basis     of Difference      Contraction of Supply     Decrease in Supply   Meaning When quantity supplied for a commodity falls due to fall in the price, keeping other factors as constant is called contraction of supply. When supply for a commodity decreases due to change in other factors, keeping pric...

  Learning Contents:                                                             ·           Difference between Extension of Supply and Increase in Supply. Difference between Extension of Supply and Increase in Supply.   Basis     of Difference      Extension of Supply     Increase in Supply   Meaning   When quantity supplied for a commodity rises due to rise in the price, keeping other factors as constant is called an extension of supply.     When supply for a commodity increases due to change in other factors, keep...

    Learning Contents:                                                               ·              Increase in   supply ·              Decrease in   supply    Introduction As studied in previous post related to the determinants of supply that states, it is not only the price which cause change the supply for the commodity but in the real world there also exist other factors such as price of related goods, objective of the firm, government policies, technology changes, etc. that affect the supply for the commodity. Change in supply indicates that sup...