ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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7. At what price would there be a shortage of 800 video games?
8. What would happen to demand for video games if Ubisoft produced a video game that
everybody says is the most fun and interactive game they've ever played?
9. What would happen to the supply of the video game by Ubisoft if several boxes full of
video games got lost and couldn't go to market?
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Transcribed Image Text:7. At what price would there be a shortage of 800 video games? 8. What would happen to demand for video games if Ubisoft produced a video game that everybody says is the most fun and interactive game they've ever played? 9. What would happen to the supply of the video game by Ubisoft if several boxes full of video games got lost and couldn't go to market?
Exercise 1:
Read and graph the supply and demand schedules bebw to find the price where the market is
at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal)
Price per Video Game in
dollars)
Quantity Demanded (in
millions)
Quantity Supplied (in millons)
100
100
1100
90
200
1000
300
900
70
400
800
60
500
700
50
600
600
40
700
500
30
800
400
20
900
300
10
1000
200
1100
100
888888888
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Transcribed Image Text:Exercise 1: Read and graph the supply and demand schedules bebw to find the price where the market is at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal) Price per Video Game in dollars) Quantity Demanded (in millions) Quantity Supplied (in millons) 100 100 1100 90 200 1000 300 900 70 400 800 60 500 700 50 600 600 40 700 500 30 800 400 20 900 300 10 1000 200 1100 100 888888888
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