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QUESTION

Use the following information to answer the next four questions. See conversation below which has taken place on the Playconomics website. XimuoOuo...

Question 1

Use the demand and supply model to explain the contemporaneous changes in the number of units sold, the market price and the number of suppliers. Draw a demand and supply graph to explain your reasoning.

Question 2

Do the graphs suggest that the island of cyclops, as a consumer, has market power? Explain.

Question 3

Is the elasticity of supply high in this market? Explain.

Question 7

Based on the graphs above, after 3 weeks, how would you describe the AI Core market now? (for example, is it a perfectly competitive market, monopoly, oligopoly or monopolistic competition?). Explain. As part of your answers you must include whether there are barriers to entry of this market.

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