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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Consider the markets for film streaming services, TV screens, and tickets at movie theaters.

a. For each pair, identify whether they are complements or substitutes:

• Film streaming and TV screens

• Film streaming and movie tickets

• TV screens and movie tickets

b. Suppose a technological advance reduces the cost of manufacturing TV screens. Draw a diagram to show what happens in the market for TV screens.

c. Draw two more diagrams to show how the change in the market for TV screens affects the markets for film streaming and movie tickets.

Subpart (a):

To determine

Identifying complements and substitutes.

Explanation
  1. 1. Film streaming services and TV screens are the complements; this is because, one cannot watch a film without a television.
  2. 2. Film streaming services and movie tickets are ...

Subpart (b):

To determine

Identifying complements and substitutes and change in equilibrium position.

Subpart (c):

To determine

Identifying complements and substitutes and change in equilibrium position.

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