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In the following cases, using a supply and demand diagram, explain what happens to demand and how the change would be shown on a graph
In the following cases, using a supply and demand diagram, explain what happens to demand and how the change would be shown on a graph of the market. What has happened to equilibrium quantity and price?
- Assuming that tickets to an NFL game are normal goods, what is the effect of an increase in the incomes of NFL fans?
- Assuming that DIRECTV and Dish satellite are substitutes, what happens if the price of a DIRECTV subscription increases what happens in the market for Dish satellite?
- Assuming that data plans and cell phones are complements, what happens in the cell phone market if the price of data plans decreases?
Upload a file that answers all three parts-- you should have 3 (completely labelled) graphs and an explanation for each.
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