Suppose that the demand curve for Game of Thrones episodes is given by QD = 30 2P.

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Suppose that the demand curve for Game of Thrones episodes is given by QD = 30 2P. The supply curve for Game of Thone's episodes is fixed at QS = 10.

1. Write down the corresponding inverse demand function.

2. At what price will the quantity demanded of Game of Thrones episodes become zero?

3. Draw the demand curve and find a set of prices (3) where the demand curve is elastic, inelastic, and unit elastic.

4. Following season 8, consumer preferences for Game of Thrones episodes fell sharply and is now only Q = 20 2P. What is the new equilibrium price? How does it compare to the old equilibrium price?

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Feb 22, 2024 11:57 PM

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Suppose that the demand curve for Game of Thrones episodes is given by QD = 30 2P.

Question:

Expert Answer:

1 The demand curve is given by QD 30 2P To find the inverse demand function we can solve this equati... View the full answer

Microeconomics An Intuitive Approach with Calculus

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