(Answered) Using the model of supply and demand discuss the effect on

Management Studies

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?

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