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ECON10004 Assignment 1

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This is the Introductory Microeconomics ECON10004 Assignment 1 for Semester 1, 2013. Received a H1 grade.

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11 Pages Essays / Projects > 2 Years old* Previously uploaded under: Econ10005 - Introductory Microeconomics
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ECON10004 Assignment 1
Topics this document covers:
Technology Economics Microeconomics Pricing Consumer theory Supply and demand Price elasticity of demand Economic equilibrium Demand curve Taxation Demand Subsidy Price support
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Topics this document covers:
Technology Economics Microeconomics Pricing Consumer theory Supply and demand Price elasticity of demand Economic equilibrium Demand curve Taxation Demand Subsidy Price support
Sample Text:
15-5.15pm) Question 1 The convenience and affordability associated with online streaming has resulted in an increase in demand for online streaming. Since online streaming and rental and purchase of DVD movie discs act as a substitute, demand for DVD movie discs has consequently decreased. a. Change in demand for online movie streaming An increase in the demand for online movie streaming can be seen by the shift to the right in the demand curve. The quantity demanded will initially be greater than the quantity supplied at the market price (P*) as it is a more convenient and affordable option. The price and quantity supplied will eventually increase to move towards the new equilibrium (E2). b. Change in demand for rental and purchase of DVD movie discs A decrease in demand for DVDs can be seen by the shift to the l...
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