Answer to Question #5298 in Microeconomics for knpoig654s5

Question

Utilise the demand-supply market models (for each market below) to graphically illustrate and explain
the following scenarios (in the short run). Identify for each scenario what the effects on price and
quantity are likely to be. State your assumptions.
1) The market for A4 paper if there is a fall in the price of printers.
2)The market for solar PV panels if new technology reduces production costs.
3) The market for music CDs if the price of downloading from the internet falls.
4) The market for restaurant dining as the global financial crisis reduces income.

Answer 1

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