a) Draw a graph with supply and demand curves that intersect and establish a market equilibrium price of $10 per unit and equilibrium market quantity of 100 units. Be sure to label your graph completely.
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- Assume the Witcher video games only have Nintendo switch versions. CD Projekt Red announces the highly anticipated Witcher 4 game will be released next month. No new Nintendo switches are available for the next 6 months due to covid related supply issues. What will the impact of this announcement be on the market for USED Nintendo switches? Explain by Microeconomics only. (i.e. quantity demand, supply; demand curve)Describe the market for smartphones and illustrate how equilibrium price and quantity determined in this industry.Consider the market for Caribbean cruises. In the wake of the COVID-19 pandemic, the cruise companies take the following actions. First, they implement testing and tracing programs to limit the potential of COVID outbreaks on ships to occur and to spread. Second, they engage in widespread advertisement of their new and state of the art safety precautions. Using a generic model of supply and demand, show and describe how you would expect these initiatives would affect the market for cruises. Be sure to explain why which curves are shifting, and discuss changes to market equilibrium.
- The demand and the supply of timber for construction in Australia are given by Q=100 - 20P Qs = 5P We assume the market is perfectly competitive. 2.1. Compute the equilibrium price PCE and quantity QCE.2.2. Plot on a graph: the demand curve, the supply curve, and the equilibrium price and quantity.2.3: Calculate the price elasticity of demand and price elasticity of supply at the equilibrium price and quantity.2.4. Calculate the producer surplus and consumer surplus in the equilibrium and illustrate them in a graph.2.5. Suppose there are many construction companies collapsed (and left the market), use a demand and supply graph to explain how the collapse affects the equilibrium price and quantity.2.6. Consider the setup in 2.1-2.4, and suppose there is a strike of loggers, which change the supply toQs = 4P. Calculate the new equilibrium quantity and use a demand and supply graph to explain how the strike affects the equilibrium price and quantity. 2.7. Calculate the change in the…As more and more people bought home computers during the 1990s, the demand for access to the World Wide Web and the Internet increased sharply. At same time, new companies like Earl's began to enter the internet-access market competing with older, more established services such as American Online. Despite a massive increase in demand, the price of access to the Web actually declined. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity?Graph?Define market supply in one sentence.
