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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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AN INCREASE IN INCOME UPON THE DEMAND CURVE OF AN INFERIOR GOOD