Supply & Demand (10 points each) For the following, examine the market for board games (Brettspiel in German, jeux sociaux in French...I could go on) in Billings. Diagram the market and assess the impact of any change on the market clearing price and quantity, upon CS, PS, and TS. Consider each question separately (i.e. don't build on your answer from #1 in #2). You may want to diagram additional markets to illustrate you train of thought. 1. Activision (the publisher of the Call of Duty video game series) announces that, in an effort to compete with Fortnite (another video game published by Epic Games), they will be cutting the price for Call of Duty: Modern Warfare to $1. 2. In an effort to combat emotional depression in our troubled times and to stimulate "family togetherness" the state legislature institutes a $20 subsidy for board games (but not video games). 3. The disruption in supply chains that COVID has caused results in a sharp increase in the price of wood pulp. 4. As a result of a breakdown in trade talks, tariffs (which is a tax on goods that are imported) on imported European goods are dramatically increased. Many of the best board games are designed and published in Europe and the world price for board games is below the price in the United States. True, False & Explain (2 points for correct true/false, 8 points for your explanation)