Cell phones, we all have them. However, are cell phones a necessity in our everyday lives. Many may conclude that mobile devices are a necessity in order to exist in our ever evolving landscape. Personally, I am unable to function without my mobile device(s), due to my everyday tasks. Many others fall within this parameter, in order to accomplish certain requirements of their jobs and personal lives. Therefore, the demand for mobile devices is almost exponential. Technology is evolving so quickly and with that being said, individuals need the hottest and fastest items available. Therefore, the demand curve surges into the positive, especially when a new mobile device is released.
As aforementioned, mobile devices have become an essential from a luxury. The mobile industry …show more content…
The reason for this has no other reason than, wants and needs of the newest technologies by the consumer. In regards to the supply curve Schiller indicates that we must always question what, how and for whom (Schiller, 2013). Let me also point out that Doc indicated, “The most prominent and sought-after effect of technological advancement is the ability to increase production. Advancements in production mean suppliers can produce more goods at a cheaper cost, thus pushing the supply curve outward from left to right on the x-axis. This effectively lowers the equilibrium price point, unless demand for the product increases, or shifts outward left to right, to meet the increased production levels at the current price point” (Doc).
With increased production previously meant that the price increase. No longer is this true, technology has allowed for the products to be created quicker and more economically. Manufactures have become more competitive, thus increasing the necessity for production increase to meet the consumers need. However, as we have seen that increased production often causes issues to not be addressed
As aforementioned, mobile devices have become an essential from a luxury. The mobile industry …show more content…
The reason for this has no other reason than, wants and needs of the newest technologies by the consumer. In regards to the supply curve Schiller indicates that we must always question what, how and for whom (Schiller, 2013). Let me also point out that Doc indicated, “The most prominent and sought-after effect of technological advancement is the ability to increase production. Advancements in production mean suppliers can produce more goods at a cheaper cost, thus pushing the supply curve outward from left to right on the x-axis. This effectively lowers the equilibrium price point, unless demand for the product increases, or shifts outward left to right, to meet the increased production levels at the current price point” (Doc).
With increased production previously meant that the price increase. No longer is this true, technology has allowed for the products to be created quicker and more economically. Manufactures have become more competitive, thus increasing the necessity for production increase to meet the consumers need. However, as we have seen that increased production often causes issues to not be addressed