Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected:

a)Microsoft and Sony compete fiercely in the market of video games consoles. Market analysts have argued that Microsoft's launch of the Xbox One was widely considered a disaster (it looked as though the console would require almost permanent broadband internet access, and that the sale of pre-owned games would be heavily controlled) and that many gamers bought PlayStation 4 consoles as an act of consumer defiance. How does this event impact the market for Sony's PlayStation 4?