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

Question 1Use 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 2Do the graphs suggest that the island of cyclops, as a consumer, has market power? Explain.

Question 3Is the elasticity of supply high in this market? Explain.

Question 7Based 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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