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Model of supply and demand

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Using the model of supply and demand, discuss the effect on equilibrium price and equilibrium quantity of the following situations.

The units of price are $/DVD and the quantity of DVDs is measure in millions per year. As a starting point, assume the market is initially in equilibrium. Suppose there is a decrease in the average household income. What would you expect to happen to prices and quantities in the DVD market?

Reference no: EM132130109

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