### Supply and Demand Schedules for PlayStation 5 - Digital Edition | Price (P) in USD | Quantity Demanded | Quantity Supplied | |------------------|-------------------|-------------------| | 100 | 900 | 100 | | 200 | 700 | 150 | | 300 | 500 | 225 | | 400 | 300 | 300 | | 500 | 100 | 400 | | 600 | 0 | 475 | Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions: #### Question: What happens to the demand for PlayStation 5 if the price of the new Xbox Series X increases? - a) The supply of PS5 would increase. - b) The demand for PS5 would decrease. - c) The supply of PS5 would decrease. - d) The demand for PS5 would increase. *Correct Answer: d) The demand for PS5 would increase.*
### Supply and Demand Schedules for PlayStation 5 - Digital Edition | Price (P) in USD | Quantity Demanded | Quantity Supplied | |------------------|-------------------|-------------------| | 100 | 900 | 100 | | 200 | 700 | 150 | | 300 | 500 | 225 | | 400 | 300 | 300 | | 500 | 100 | 400 | | 600 | 0 | 475 | Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions: #### Question: What happens to the demand for PlayStation 5 if the price of the new Xbox Series X increases? - a) The supply of PS5 would increase. - b) The demand for PS5 would decrease. - c) The supply of PS5 would decrease. - d) The demand for PS5 would increase. *Correct Answer: d) The demand for PS5 would increase.*
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:### Supply and Demand Schedules for PlayStation 5 - Digital Edition
| Price (P) in USD | Quantity Demanded | Quantity Supplied |
|------------------|-------------------|-------------------|
| 100 | 900 | 100 |
| 200 | 700 | 150 |
| 300 | 500 | 225 |
| 400 | 300 | 300 |
| 500 | 100 | 400 |
| 600 | 0 | 475 |
Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions:
#### Question:
What happens to the demand for PlayStation 5 if the price of the new Xbox Series X increases?
- a) The supply of PS5 would increase.
- b) The demand for PS5 would decrease.
- c) The supply of PS5 would decrease.
- d) The demand for PS5 would increase.
*Correct Answer: d) The demand for PS5 would increase.*
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