Question: 1.Graphically illustrate and discuss what happens to the statically efficient rate of output when there is: a) a technical change in the mode of production,

1.Graphically illustrate and discuss what happens to the statically efficient rate of output when there is: a) a technical change in the mode of production, such as new satellite-based resource exploration techniques; b) population or income growth; c) a new substitute technology; d) a change in consumer tastes and preferences away from some dimension of the product, e.g., plastic straws/bottles.

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