I-The market for Sony's Playstation5 game console has changed from 2021 to 2023. With restrictions from the Covid-19 pandemic ending people are finding other entertainment options available such as concerts, movies, and travel. Additionally, the microchip shortage is beginning to lessen, the custom made AMD Zen 2 chip used in the PS5 has been decreasing in cost. Identify the appropriate market conditions and draw a clear graph to illustrate the market for Sony's Playstation5 game consoles in 2023 as compared to 2021.

1. Explain which non-price determinant(s) of demand and/or supply are changing.

2. Draw your own graph on a piece of paper .

3. Clearly label all axes, lines, and equilibriums. Include all relevant information.

4. Explain what is happening in the market with regard to equilibrium price and equilibrium quantity.

II-In the women's fashion world, consumers have many choices for designer denim.Khaite Women's Danielle Jeans (with studs) are currently being offered online for bargain price of $680. Over the last 2 years, the price of cotton, the primary input in denim, has steadily increased in cost due to global droughts destroying crops. Additionally, this season,Alice + Olivia(a primary competitor to Khaite Women's Jeans) decreased the price of theirWomen's Amazing High-Rise Boyfriend Embellished Jeans from $749 to $695.Identify the appropriate market conditions and draw a clear graph to illustrate the market forKhaite Women's Danielle Jeans (with studs).

1. Explain which non-price determinant(s) of demand and/or supply are changing.

2. Draw your own graph on a piece of paper.

3. Clearly label all axes, lines, and equilibriums. Include all relevant information.

4. Explain what is happening in the market with regard to equilibrium price and equilibrium quantity.

Answer rating: 100% (QA)

I Market Conditions for Sonys Playstation5 Game Console in 2023 1 Nonprice determinant changing The relaxation of Covid19 restrictions and the decreas... View the full answer