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 ·              Impact of continuing with an old or outdated technology on the supply of the firm.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 services by using the updated technology. Therefore, the supply of the firm is positively related to the state of technology. Similarly, consumers are also equally benefitted from the technological improvements. They consume and experience better goods and services at reasonable prices, whereas, any degradation of technology not only deters the firm’s profits and supply but also affect the way consumers co