The question is asking about the change in the quantity of computers demanded from the 1970s to today, given a significant decrease in price.

Here are the steps to understand this:

1. Understand the Law of Demand: The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good.

2. Apply the Law of Demand to the situation: In the 1970s, personal computers cost $5,000. Today, they cost $800. According to the law of demand, as the price decreases, the quantity demanded should increase.

3. Consider other factors: It's also important to note that other factors could influence the demand for personal computers. For example, the increase in technology use, the rise of the internet, and the need for computers in many jobs could also contribute to an increase in demand.

4. Conclusion: Therefore, we can conclude that the quantity of computers demanded has likely increased since the 1970s due to a significant decrease in price and other factors increasing the necessity and desire for personal computers.

Question

The question is asking about the change in the quantity of computers demanded from the 1970s to today, given a significant decrease in price.

Here are the steps to understand this:

1. Understand the Law of Demand: The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good.

2. Apply the Law of Demand to the situation: In the 1970s, personal computers cost $5,000. Today, they cost $800. According to the law of demand, as the price decreases, the quantity demanded should increase.

3. Consider other factors: It's also important to note that other factors could influence the demand for personal computers. For example, the increase in technology use, the rise of the internet, and the need for computers in many jobs could also contribute to an increase in demand.

4. Conclusion: Therefore, we can conclude that the quantity of computers demanded has likely increased since the 1970s due to a significant decrease in price and other factors increasing the necessity and desire for personal computers.

Knowee AI · Accepted Answer

The question is asking about the change in the quantity of computers demanded from the 1970s to today, given a significant decrease in price.

Here are the steps to understand this:

1. Understand the Law of Demand: The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good.

2. Apply the Law of Demand to the situation: In the 1970s, personal computers cost $5,000. Today, they cost $800. According to the law of demand, as the price decreases, the quantity demanded should increase.

3. Consider other factors: It's also important to note that other factors could influence the demand for personal computers. For example, the increase in technology use, the rise of the internet, and the need for computers in many jobs could also contribute to an increase in demand.

4. Conclusion: Therefore, we can conclude that the quantity of computers demanded has likely increased since the 1970s due to a significant decrease in price and other factors increasing the necessity and desire for personal computers.

In the 1970s, personal computers cost $5,000. Today they cost $800. What happened to quantity of computers demanded?

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