• This hand-up is based on Topics 2 and 3 of BUS104.
• You must submit this hand-up at the beginning of class in Week 5. The hand-up will be returned to you with feedback in Week 6.
• Your best 3 out of 4 hand-ups count for 15% of your final mark.

Consider the following supply and demand schedules for Xbox game consoles.

Price ($)	Quantity Demanded (thousands per month)	Quantity Supplied (thousands per month)
550	60	130
500	65	120
450	70	110
400	75	95
350	80	80
300	85	75
250	90	70
200	95	65

Question 2

Sketch the market for Xboxes in a diagram, making sure to include all appropriate labels. (2 marks)

Question 3

If Microsoft decided to restrict the price of an Xbox to be $500, would this result in a shortage or a surplus?Explain why. What is the size of the surplus or shortage? (4 marks)

Question 4

Say Scott Morrison was photographed playing an Xbox. What effect might this have on the demand for Xboxes, and which way would the demand curve shift? (2 marks)