Question
For each scenario below, please draw an accurately labeled market graph of all axes, curves, and equilibria points. Be sure to use arrows to indicate
For each scenario below, please draw an accurately labeled market graph of all axes, curves, and equilibria points. Be sure to use arrows to indicate the direction of shifts in supply and/or demand.
a) The initial market for a video game console in which the manufacturer significantly underestimated demand and priced accordingly. (Instead of a shift, indicate the quantity of the shortage or surplus of the console.)
b) The market for a good after the price of a complement decreases.
c) The market for roof repair after a law passes requiring a certification to charge for doing the work.
d) The market for smartphones after a significant decrease in the price of a precious metal used in their production.
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