Draw and properly label the demand and supply graphs

Assignment Help Microeconomics

Reference no: EM13796887

Based on the information provided for the market for video games, answer the following questions.

PRICE	Q DEMANDED	Q SUPPLIED
$50	5	9
$45	7	7
$40	9	5
$35	11	3
$30	13	1

a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph).

b.) What is the equilibrium price and quantity?

Now, assume that a new government report claims that video game play stimulates the brain.

c.) What will this do to the demand curve? Of the available list of things in the text that causes a change in demand, which best fits here as the cause of the demand shift?

d.) What will happen to the equilibrium price and quantity?

Reference no: EM13796887

Questions Cloud

Under what conditions would wto allow countries to impose : Under what conditions would WTO allow countries to impose (practice) the following (be specific)?

Do given data back up the conclusion you reached : Do this data back up the conclusion you reached in Task 1, or do they contradict it. Explain your answer. Provide further examples that make the same point.

Describe the characteristics of each of the trade : Describe the characteristics of each of the following trade blocks. Be certain to explain the ways in which they are the same and the ways in which they differ.

Evolution of intelligence : In your studies your coursework has exposed you to different ways of "seeing" the evolution of intelligence. To some, we are moving along a trajectory of evolution in intelligence analysis.

Draw and properly label the demand and supply graphs : Draw and properly label the demand and supply graphs and what is the equilibrium price and quantity?

Large and small countries in making trade policy analysis : Which countries (and groups within a country) most likely oppose international labor standards? Explain why. Explain why some countries use voluntary export restraints (VER) instead of import quota? List and explain at least three reasons as to why c..

Determine the work done by the applied force : A 2.50 kg block is pulled horizontally 4.30 m over horizontal ground by a 22.0 N applied force. Ifμk = 0.56, find: the work done by the applied force; the work done by friction

Environmental implications of deforestation : What are the long-term ramifications of drilling for oil in Bridger Teton National Forest if this is your topic selection?

Two important keys to successful revenue cycle : True or False: Two important keys to successful revenue cycle management are information technology and electronic claims processing. Question 47 True or False: Two years ago, you invested $1,000 in a healthcare stock. Your return during the first ye..

User Account

All Pages