Q: 
The cost of producing flat-screen TVs has fallen over the past decade. Let’s consider some implications of this fact. a. Draw a supply-and-demand diagram to show the effect of falling production costs on the price and quantity of flat-screen TVs sold. b. In your diagram, show what happens to consumer surplus and producer surplus. c. Suppose the supply of flat-screen TVs is very elastic. Who benefits most from falling production costs—consumers or producers of these TVs?

TEXTBOOK ANSWERS

Principles of Economics, Seventh Edition

Principles of Economics ...

Principles of Microeconomics, Seventh Edition

Principles of Microeconomics ...

Principles of Economics, Sixth Edition

Principles of Economics, Sixth ...

Principles of Economics, 8th Edition

Principles of Economics, 8th ...

Principles of Economics, 5th Edition

Principles of Economics, 5th ...

TEXTBOOK ANSWERS

Principles of Economics, Seventh Edition

Principles of Economics ...

Principles of Microeconomics, Seventh Edition

Principles of Microeconomics ...

Principles of Economics, Sixth Edition

Principles of Economics, Sixth ...

Principles of Economics, 8th Edition

Principles of Economics, 8th ...

Principles of Economics, 5th Edition

Principles of Economics, 5th ...

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