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
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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
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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