The market for Sony's Playstation5 game console has changed from 2021 to 2023. With restrictions from the Covid-19 pandemic ending people are finding other entertainment options available such as concerts, movies, and travel. Additionally, the microchip shortage is beginning to lessen, the custom-made AMD Zen 2 chip used in the PS5 has been decreasing in cost. Identify the appropriate market conditions and draw a clear graph to illustrate the market for Sony's Playstation5 game consoles in 2023 as compared to 2021. 1. Explain which non-price determinant(s) of demand and/or supply are changing. 2. Draw a graph on a piece of paper - label all axes, lines, and equilibriums. Include all relevant information. 3. Explain what is happening in the market with regard to equilibrium price and equilibrium quantity.
The market for Sony's Playstation5 game console has changed from 2021 to 2023. With restrictions from the Covid-19 pandemic ending people are finding other entertainment options available such as concerts, movies, and travel. Additionally, the microchip shortage is beginning to lessen, the custom-made AMD Zen 2 chip used in the PS5 has been decreasing in cost. Identify the appropriate market conditions and draw a clear graph to illustrate the market for Sony's Playstation5 game consoles in 2023 as compared to 2021.
1. Explain which non-
2. Draw a graph on a piece of paper - label all axes, lines, and equilibriums. Include all relevant information.
3. Explain what is happening in the market with regard to
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