Question: Use supply and demand to graphically identify the initial equilibrium price and quantity of video games. b. Assume: 1. Consumer income decreases. 2. Technology improves

Use supply and demand to graphically identify the initial equilibrium price and quantity of video games.

b. Assume: 1. Consumer income decreases.

2. Technology improves in the production of video games.

Graphically illustrate and explain how these assumptions will affect the demand, supply, equilibrium price and equilibrium

quantity of video games.

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