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 thateverybody 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 ofvideo 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 isat equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal)Price per Video Game indollars)Quantity Demanded (inmillions)Quantity Supplied (in millons)10010011009020010003009007040080060500700506006004070050030800400209003001010002001100100888888888

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7. At what price would there be a shortage of 800 video games?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

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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