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Hello can you resolve all (a,b,c and d) and dont forget to ilustrate b, c, and d Market Equilibrium: Consider a market for vinyl records
Hello can you resolve all (a,b,c and d) and dont forget to ilustrate b, c, and d
Market Equilibrium: Consider a market for vinyl records where market demand is given by Qp(P) = 100 5P and market supply is given by Q(P) = 20 + P. a. Find the equilibrium market price and quantity sold. b. Using the model of supply and demand, what would happen to the market if many consumers lost their jobs or had to take reductions in wages/salaries? Illustrate the effect on the market graphically, and discuss how you would expect equilibrium quantity and price to change. c. What would happen if, due to a recent resurgence in consumers' interest in vinyl, entrepreneurs open up more record pressing facilities to compete with the existing producers? Illustrate the effect on the market graphically, and discuss how you would expect equilibrium quantity and price to change. d. What would happen if the price of turntables (used to play vinyl records) falls? Illustrate graphically, and discuss how you would expect equilibrium quantity and price to changeStep by Step Solution
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