4. Some say that COVID has allowed educators to explore different and better ways to educate college students. These new online techniques can be thought of as a technological advance that reduces the cost of education.

a. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for online college education with this change.

b. The online classes and the traditional in-person classes are substitutes. Even though MSUM treat them as the same, they could treat them as two separate classes. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for in-person education remembering in-person does not have the technology advance and there is the issue of substitutability. Should who enjoy teaching in-person be happy or sad by the technological advance?

c.Computers and online classes are complements. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for computers. Should computer producers be happy or sad about the technological advances in online classes?

d.Based on this analysis what do you expect to happen to the profitability of companies like HP and Apple?