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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Consider the markets for DVDs, TV screens, and tickets at movie theaters.

  1. a. For each pair, identify whether they are complements or substitutes:
  • DVDs and TV screens
  • DVDs and movie tickets
  • TV screens and movie tickets
  1. 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.
  2. c. Draw two more diagrams to show how the change in the market for TV screens affects the markets for DVDs and movie tickets.

Subpart (a):

To determine
Identifying complements and substitutes.

Explanation

  1. 1. DVD and TV screens are the complements; this is because, one cannot watch a film without a television.
  2. 2...

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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