critical thinking exercise 2-2 FINDING THE EQUILIBRIUM POINT In 2018, Epic Electronics sold 350,000 digital video recorders (DVRs). Based on the company's analysis of the DVR market, the company believed that $160 was the equilibrium price based on the following supply and demand schedules. 2018 Price Amount Supplied Amount Demanded $120 290,000 390,000 140 320,000 370,000 160 350,000 350,000 180 380,000 330,000 200 410,000 310,000 220 440,000 290,000 As the price of gas rises, consumers start driving less and going out less frequently for entertainment. With more people staying at home, DVR usages increased. In 2019 Epic's executives revised their estimate of the amount of product demanded. At each of the above price points, it estimates that consumers will purchase (demand) 50,000 more DVRs. For instance, at $140, now 420,000 DVRS will be sold. The price- amount supplied relationship remains the same. Describe what has happened to the supply and demand curves for Epic Electronics' DVRs in 2018. What is the new equilibrium price? How many DVRs will be produced at the new equilibrium price?