Market Equilibrium
As technology advancements continue the market and laws of supply and demand also change. Items that have been demanded for centuries such as books were once considered a luxury and available in great quantities to only the wealth. Printing and reproduction advancements enabled people of all types of social classes to afford the ownership of printed books. Additionally, the development of libraries enabled generations to access books free of charge. Books and the demand for printed books are now in danger as technology enables readers young and old to read and access books from various tools such as iPads, Amazon Kindle’s, and Barnes & Noble Nooks just to name a few.
True to the laws of supply and demand the use of devices that allow multiple tasks to be carried out on one device have been produced and purchased in mass quantities. The demand first began with the user being able to access numerous books at on time alleviating the need to tote bulky and often heavy books around. The tablet or electronic reader devices allowed the reader to maintain an online library and purchase books on the go simply using an internet connection. As technology increased so did the demand for the function and availability of these devices. Soon companies such as Amazon and Barnes & Noble were creating e-readers that had the ability to play video, search the web and download apps such as games. As technology grew cellular companies and manufactures also started capitalized on the demand to access books from their smart phones. Not only have these devices revolutionized the publishing market but also the amounts of media and material that is accessible.
Tablet readers with additional media capabilities range from $129 for the Nook to the more expensive iPad at $399. Demand for these products has skyrocketed since the first release of the Kindle by Amazon in 2007. After the success of the Kindle, Barnes & Noble followed suit and released the Nook. The battle...