I need help with my homework question: Suppose that th
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I need help with my homework question: Suppose that the demand for video rentals per week is given by Qdvideos = 18 -
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I need help with my homework question:
Suppose that the demand for video rentals per week is given by Qdvideos = 18 - 4Pvideos, and the supply of videos is Qsvideos = 6 + 2Pvideos. a) Calculate the equilibrium price and quantity in this market. b) If the price = $3, then what is happening in this market? Briefly explain. c) If the price = $0.50, then what is happening in this market? Briefly explain. d) If the demand function changes to Qdvideos = 26 - 6Pvideos, given the original supply function, what is the new equilibrium price and quantity?
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