Based on the information provided for the market for video games, answer the following questions.
|
PRICE
|
Q DEMANDED
|
Q SUPPLIED
|
|
$50
|
5
|
9
|
|
$45
|
7
|
7
|
|
$40
|
9
|
5
|
|
$35
|
11
|
3
|
|
$30
|
13
|
1
|
a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph).
b.) What is the equilibrium price and quantity?