The Quantity Demanded of a Certain Brand of DVD Player

question 161

Multiple Choice

The quantity demanded of a certain brand of DVD player is 3,500/wk when the unit price is $460. For each decrease in unit price of $20 below $460, the quantity demanded increases by 250 units. The suppliers will not market any DVD players if the unit price is $400 or lower. But at a unit price of $445, they are willing to make available 500 units in the market. The supply equation is also known to be linear. Find the equilibrium quantity and the equilibrium price.

• A) equilibrium quantity 2,000 units; equilibrium price $585
• B) equilibrium quantity 400 units; equilibrium price $585
• C) equilibrium quantity 2,000 units; equilibrium price $580
• D) equilibrium quantity 400 units; equilibrium price $580

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