What is an equilibrium condition in Markov analysis and how do we that we have an equilibrium condition?

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Bleecker Street runs from A to B, as shown in the diagram. The lone convenience store currently in operation along this street is at A. An entrepreneur who wants to open another store in the neighborhood is weighing a choice between the only two available locations, C and D. If customers, who are uniformly distributed along Bleecker Street, always shop at the store nearest to where they live, which of the locations C or D would be optimal from the perspective of customers and why? A C D B O Location D because that would minimize the average travel time for customers. O Location D because that would mean each store would get an equal share of the market. O Location C because that would give the new entrepreneur higher profits. O Locations C and D would be equally attractive because consumers have no reason to care about the relative profitability of different entrepreneurs.

In the Disney movie Frozen, the Kingdom of Arendelle changes overnight from a warm, flower filled place to being completely frozen (the story takes place in July).  Just after this change in weather, there is a scene where two characters visit a trading post.  At the trading post one character (Kristoff) is looking to buy winter transportation equipment and eventually sell some ice.  The other character (Anna) is looking to buy some winter clothes.  A link to the scene can be found in the module. For this assignment, please show how this change in weather would likely effect the markets for winter transportation equipment, winter clothes, and ice (assume the ice would be used by people who want to cool drinks).  Specifically, draw a new supply or demand curve for the products and identify new equilibrium quantity or supply if you think the change in weather would have an impact on any of those measurements. In the clip Kristoff calls Oaken a crook for charging higher prices than he…