SELECT * FROM question_mgmt as q WHERE id=5558 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics The Theory of the Firm under Perfect Competition how does technological progress affect the supply

Question:

How does technological progress affect the supply curve of a firm?

Answer:

The supply curve of a firm is a positive function of a state of technology. Thar is if the technology available to the firm appreciates more amount of output can be produced by the firm with the given levels of capital and labour. Due to such innovations or technological advancements the firm will experience lower cost of production which will lead to rightward downward shift to the MC curve. This will further lead to rightward shift of the firms supply curve. Thus due to the appreciation and advancement of production techniques the firm will produce more and more output that will be supply at a given market price.


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