Below are the supply and demand schedules for a video game. Price $200 $180 $160 $140 $120 $110 $100 $90 $80 $60 Quantity Demanded 10 15 20 25 30 35 40 45 50 55 Quantity Supplied 100 90 80 70 60 50 40 30 20 10 a) What is the equilibrium price? $ b) What is the equilibrium quantity? 40 units Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price. c) What is the new equilibrium price? $ [ d) What is the new equilibrium quantity? 100 units
Below are the supply and demand schedules for a video game. Price $200 $180 $160 $140 $120 $110 $100 $90 $80 $60 Quantity Demanded 10 15 20 25 30 35 40 45 50 55 Quantity Supplied 100 90 80 70 60 50 40 30 20 10 a) What is the equilibrium price? $ b) What is the equilibrium quantity? 40 units Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price. c) What is the new equilibrium price? $ [ d) What is the new equilibrium quantity? 100 units
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Below are the supply and demand schedules for a video game.
Price
$200
$180
$160
$140
$120
$110
$100
$90
$80
$60
Quantity Demanded
10
15
20
25
30
35
40
45
50
55
Quantity Supplied
100
90
80
70
60
50
40
30
20
10
a) What is the equilibrium price? $
b) What is the equilibrium quantity?
Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price.
c) What is the new equilibrium price? $
d) What is the new equilibrium quantity?
100
40 units
units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0755b8c-8fff-4180-be76-a75a670ad4b2%2Fa9a55187-468e-4272-9229-7ac49169e18b%2Fchy8ds4_processed.png&w=3840&q=75)
Transcribed Image Text:Below are the supply and demand schedules for a video game.
Price
$200
$180
$160
$140
$120
$110
$100
$90
$80
$60
Quantity Demanded
10
15
20
25
30
35
40
45
50
55
Quantity Supplied
100
90
80
70
60
50
40
30
20
10
a) What is the equilibrium price? $
b) What is the equilibrium quantity?
Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price.
c) What is the new equilibrium price? $
d) What is the new equilibrium quantity?
100
40 units
units
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