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As a result of fiber optic technology, the production cost for long-distance calls have fallen. i.Graph this phenomenon, assumingthatthedemandforlong-distance calls remains stable. What will happen

As a result of fiber optic technology, the production cost for long-distance calls have fallen.

i.Graph this phenomenon, assumingthatthedemandforlong-distance calls remains stable. What will happen to the equilibriumpriceandquantity?

(6 marks)

ii.What happens if there is a simultaneous increase in demand because of a

rise in income?

(5 marks)

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