Consider the market for High-Definition television sets in an average town in America. a. Start in Equilibrium (be sure to label all relevant points) b. Change at least one of the ceteris paribus conditions. Now consider this market after 50 people from the town get together on some lottery tickets and win the $350 million prize. c. Examine the changed incentive.  Which curve(s) has(have) changed? Why? (i.e. – which of the ceteris paribus conditions have changed?) ________________________________________________________ d. Identify the change(s) in direction, and draw into the above market. e. Finish in equilibrium.  What are the effects on price and quantity?

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