1. Over the past 20 years, technological advances have reduced the cost of computer chips. How do…

1. Over the past 20 years, technological advances have reduced the cost of computer chips. How do you think this affected the market for computers? For computer software? For typewriters? 2. Using supply-and-demand diagrams, show the effect of the following events on the market for sweatshirts. a. A hurricane in South Carolina damages the cotton crop. b. The price of leather jackets falls. c. All colleges require morning exercise in appropriate attire. d. New knitting machines are invented.