Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Price per earphone Quantity Demanded (units) Quantity Supplied (units) $ 80 60 20 $ 90 50 30 $ 100 40 40 $ 120 30 45

image text in transcribed
Price per earphone Quantity Demanded (units) Quantity Supplied (units) $ 80 60 20 $ 90 50 30 $ 100 40 40 $ 120 30 45 $ 130 20 55 $ 140 10 65 $ 150 5 75 a) Indicate the equilibrium price and the equilibrium quantity. b) Describe what happens to the market if the price per Bluetooth earphone is $140. c) Describe what happens to the market if the price per Bluetooth earphone is $80. d) If the demand for earphones remain constant but its supply rises by 20 at every price level, calculate the new equilibrium price level. e) If the supply of earphones remain constant but its demand rises by 15 at every price level, calculate the new equilibrium price level

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry Sincich

13th Edition

134506596, 978-0134506593

Students also viewed these Economics questions