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ECON 213: Problem Set 1 - Market Analysis, Consumer and Producer Surplus, and Economic Curves

Problem set on market analysis.

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    ECON 213 Page 1 of 6 ECON 213: Problem Set 1 - Market Analysis, Consumer and Producer Surplus, and Economic Curves ECON 213 P ROBLEM S ET 1 Name: ______________________________________________ Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. 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) . ORANGE LINE = DEMAND CURVE BLUE LINE = SUPPLY CURVE b.) What is the equilibrium price and quantity?

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