Demand and Supply
Please respond to each topic. Explain your responses briefly.
Demand and Supply
Please respond to each topic. Explain your responses briefly.
1. If a new breakthrough in manufacturing technology reduces the cost of producing Blu-ray players by half, what will happen to each of the following:
Supply of Blu-ray players
Demand for Blu-ray players; and demand for Blu-rays
Equilibrium price and quantity of Blu-ray players
2. Explain the statement “people respond to incentives and disincentives” in relation to the demand and supply curve for good X. Hint laws of demand and supply.
Grading will be based on both quality and frequency. Your original post must well detailed and should demonstrate an understanding and ability to apply relevant key concepts. In addition to your original post, you should respond to at least two of your peers. Make your responses constructive, and include your sources of information where applicable. Refer to the syllabus for comprehensive rubric.
