Running a transistor at a lower voltage (usually called Vcc on schematics) without changing the values of its resistors will tend to cause it to operate more towards cutoff (less collector current flowing). Plus, as was mentioned before, you will have less "headroom" in the voltage swings and it will distort more quickly than when operating at a higher Vcc voltage. Try reading here for some more basic info: http://www.williamson-labs.com/480_xtor.htm#bias-amp
Scott
Scott
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