anonymous
  • anonymous
WILL FAN AND MEDAL FRQ TIME ! Normally, whenever a new video game console comes out, there is a shortage all over the United States. Graphically illustrate and fully explain where the shortage comes from, how the various roles of prices can come together to end the shortage, and why the final outcome is not necessarily the fairest outcome.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
need a short explanation and what i'm suppose to be graphing (like points and what not)
anonymous
  • anonymous
@Serenity74
anonymous
  • anonymous
@mathmale @mathstudent55

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anonymous
  • anonymous
@tom982
DanJS
  • DanJS
is this economics, i initially just thought of those old supply demand graphs, and shifts of those things
anonymous
  • anonymous
its microeconomics
DanJS
  • DanJS
the cross was the equilibrium price, that changes when you shift supply or demand
DanJS
  • DanJS
li think, that was like 10 yrs ago
mathmale
  • mathmale
I'll give you a few pointers to help you get started. There are several different variables involved here: the price of the new game, the demand of consumers for this game, and time. Things change over time. What do you think will happen to the price over time? What do you think will happen to the quantity of games available after time? I haven't taken economics myself, so my questions and input here are based primarily upon common sense.
DanJS
  • DanJS
it is new and high demand for the thing like fallout 4
anonymous
  • anonymous
the price over time will devalue, and the supplier will offer discounts slashing the price. This will limit the quantity because the supplier will stop producing that console and evolve with technology while collecting revenue.
anonymous
  • anonymous
so the high demand creates a limited supply?
DanJS
  • DanJS
is a 'shortage' any value under the normal sup/demand intersection?for the units and the price
DanJS
  • DanJS
ok, ill quit, i just remember those dang sup/dem curvs and changing things 1 or both
anonymous
  • anonymous
ugh this is so confusing !
DanJS
  • DanJS
constant supply, demand increases at release, the demand will shift up
anonymous
  • anonymous
so a shortage creates a panic among consumers and the supplier can jack up prices ?
anonymous
  • anonymous
the supplier makes more money because of the shortage right?
DanJS
  • DanJS
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DanJS
  • DanJS
supply will increase probably right, and the demand will decrease down the road
DanJS
  • DanJS
that would be normal supply and demand, with the equilibrium price there at items,$$ intersection point

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