-The above table gives the demand and supply schedules for Blu- ray discs. Suppose that the price of a Blu- ray disc player increases, resulting in the demand for Blu- ray discs decreasing by 8,000 units at all prices. What are the new equilibrium quantity and equilibrium price of Blu- ray discs?

Question

Quizplus · Accepted Answer

The increase in the price of Blu-ray disc players would decrease the demand for Blu-ray discs by 8,000 units at all prices, shifting the demand curve leftward. To find the new equilibrium, we subtract 8,000 units from the original demand at each price level and then find the price where the new demand equals the supply. The original equilibrium is where the initial demand equals supply before the shift. After adjusting for the decrease in demand, the equilibrium quantity and price that match the new demand with the existing supply are 16,000 units and $16, respectively.

-The Above Table Gives the Demand and Supply Schedules for Blu-