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16 September, 02:16

New technology improves production of home satellite dishes. At the same time, more people subscribe to cable TV. Show what will happen to equilibrium price and quantity of satellite systems.

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  1. 16 September, 02:37
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    Answer: The equilibrium price and quantity of satellite systems will increase
  2. 16 September, 02:39
    0
    When the price for satellite dishes and cable TV is different in satellite systems due to higher demand, equilibrium price will increase.

    Explanation:

    The balancing effect of supply and demand results in a state of equilibrium.

    The equilibrium price is where the supply of goods matches demand. When a major index experiences a period of consolidation or sideways momentum, it can be said that the forces of supply and demand are relatively equal.

    For satellite systems as shown in the questions, due to an increased supply for one product (Cable TV) over home satellite dishes, equilibrium price will increase.

    And this is how it happens:

    An increase in demand for Cable TV and a decrease in supply will cause an increase in equilibrium price and consumers will place a higher value on it. Producers will charge higher prices in order to supply them therefore, price will increase.
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