Question

Suppose that in a recent market period, an industrywide survey determined the relationship between the price of p supplied and quantity dermanded shown in the table below and depicted in the graph at right. rerecorded movie DVDs and the quantity Quantity Demanded Quantity Supplied Price 100 mitlion 90 million $21 $22 $23 $24 40 milliarn 60 miliorn 80 mition 100 milion 120 mition 80 mlion 70 milion 24 60 million Suppose that a survey for a later market period indicates that the quantdities by 30 million units at each price. suppliod in the tabke are unchanged, but the quanity demanded has increased Using the mustipoint curve drawing toot, draw and label the new dermand curve for mavie DVDs. Properly label this ine 2.) Using the point drawing tool, Indicate the new equilibrium point. Label it 'E Carefuty fallow the instructions above, and only draw the required objects Demand has What is the new equilibrium price? What is the new equilibrium quantity? L 1 milion units If a change in ceteris paribus condition desaribed below could cause the demand to increasc, indicate yes. Otherwise, indicate ho An increase in the number of buyers. A decrease in the cost of production Consumer i Ds are norma, good ▼ The price of movie downloads rise. 30 50 70 90 0 130 After plotting the final point of your mutlpoint curve, press the Esc key on your keyboardt incomes decrease (ov

Answer 1