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Suppose that the demand curve for Game of Thrones episodes is given by QD = 302P. The supply curve for Game of Thones episodes is

Suppose that the demand curve for Game of Thrones episodes is given by QD = 302P. The supply curve for Game of Thones episodes is xed at QS = 10.

(a) Write down the corresponding inverse demand function.

(b) At what price will the quantity demanded of Game of Thrones episodes become zero?

(c) Drawthedemandcurveandndasetofprices(3)wherethedemandcurveiselastic, inelastic, and unit elastic.

(d) Following season 8, consumer preferences for Game of Thrones episodes fell sharply and is now only Q = 202P. What is the new equilibrium price? How does it compare to the old equilibrium price?

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