The Quantity Demanded of a Certain Brand of DVD Player

question 6

Multiple Choice

The quantity demanded of a certain brand of DVD player is 3,300/wk when the unit price is $455.00. For each decrease in unit price of $5.00 below $455.00, the quantity demanded increases by 100 units. The suppliers will not market any DVD players if the unit price is $350.00 or lower. But at a unit price of $374.00, they are willing to make available 2,400 units in the market. The supply equation is also known to be linear. Find the equilibrium quantity and price.

---

Definitions:

Time Series

A series of data points, generally comprising consecutive observations taken across a period of time.

Forecast

A prediction about future events or trends, often based on historical data and analysis, used in planning and decision-making processes.

Moving Average

An analytical process in statistics where different segments of the entire data set are averaged to examine data points.

Week

A time period consisting of seven consecutive days.