Use the table below to answer the following questions.
Table 3.5.1
The Market for Car-Seat Heaters
-Refer to Table 3.5.1.Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns.As a result,demand decreases by 100 heaters at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ heaters per month.
Definitions:
Compounded Monthly
A method of calculating interest where the accrued interest is added to the principal sum at the end of each month, leading to "interest on interest."
Present Value
Present value is the current worth of a future sum of money or stream of cash flows given a specified rate of return.
Perpetuity
An infinite series of equal payments made at fixed intervals, with no end date.
Withdrawals
The act of removing funds from a bank account, investment, or savings plan, often associated with personal or business financial management.
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