1. Illustrate the following with supply and demand curves:
a. With increased access to wireless technology and lighter weight, the demand for laptop computers has increased substantially. Laptops have also become easier and cheaper to produce as new technology has come online. Despite the shit of demand, prices have fallen.
b. During the high-tech boom in the late 1990s, San Jose office space was in very high demand and rents were very high. With the national recession that began in March 2001, however, the market for office space in San Jose was hit very hard, with rents per square foot falling. In 2005, the employment numbers from san Jose were rising slowly and rents began to rise again. Assume for simplicity that no new office space was built during the period
c. During the last 10 years, Orlando, Florida, grew rapidly, with new jobs luring young people into the area. Despite increases in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why? Illustrate your answer with supply and demand curves.