New technological advances have lowered the price of solar cells, an input in solar panels for homes. What is the likely impact of this on the market for home solar panels?

[Select] ["Supply", "Demand"] will [Select] ["Increase", "Decrease"], and as a result, the price of solar panels will [Select] ["Decrease", "Increase"] and the quantity will [Select] ["Decrease", "Increase"].

Question

26-05-2024
Business

High School

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New technological advances have lowered the price of solar cells, an input in solar panels for homes. What is the likely impact of this on the market for home solar panels?

[Select] ["Supply", "Demand"] will [Select] ["Increase", "Decrease"], and as a result, the price of solar panels will [Select] ["Decrease", "Increase"] and the quantity will [Select] ["Decrease", "Increase"].

Answer :

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BobbyCharlotte BobbyCharlotte · Answer 1 · 2024-08-18T16:45:39-04:00

The technological advancement in solar cells technology has led to a decrease in their prices. The decline in prices of solar cells will have an impact on the market for home solar panels.

Solar panels for homes are installed by homeowners to produce electricity for their consumption. Lower solar cells prices mean that it will be less expensive to produce solar panels for homes. As such, the cost of manufacturing and installing solar panels will decrease, leading to a decrease in the overall price of solar panels.

The decrease in the cost of producing solar panels will lead to an increase in the supply of solar panels. As the cost of production decreases, manufacturers will be able to offer solar panels to homeowners at lower prices. This will stimulate the demand for solar panels, leading to an increase in demand.

Thus, the likely impact of the decrease in solar cells price on the market for home solar panels is that supply will increase, demand will increase, and the price of solar panels will decrease, and the quantity will increase.

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