How will the equilibrium quantity and price change

Reference no: EM133279205

Question - Describe the resulting situation using the economic terms you have learned so far. Nintendo released a limited supply of their original system, a product that many people wanted to buy. Due to a misestimate of potential demand, there were significantly more people that wanted the system than there were systems available for sale.

Consider a hypothetical situation where there is a simultaneous change in demand and supply. How will the equilibrium quantity and price change as a result of the possible combination of changes to supply and demand in demand and in supply? Explain why.

Reference no: EM133279205

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