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Name: Student ID 1) Draw the supply curve and demand curve to illustrate the market for Netflix subscriptions for each of the

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Answer #1

SHIFT

QUANTITY

PRICE

(a)

Demand shifts to the right because of increase demand due to exclusive streaming of a popular anime

The quantity the new equilibrium increases.

The price increases in the new equilibrium

(b)

The Supply curve shifts to the right and down.

The quantity increases

The price decreases

(c)

The demand curve shifts to the left because of reduction in HULU subscription which is a substitute to Netflix

Quantity decreases

Price increases

(d)

The demand curve shifts to the left and the supply curve shifts to the right

Quantity my decrease if the shift in demand is greater than that in Supply while the Quantity may increase if the shift in supply is greater than that of demand curve.

Price decreases.

(a) 51 D2 Q1 Q2 QP ( Q Q1Q2 QTY (Q) N F2 QTY (Q) Q2 Q1 QTY (0)

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