McGraw-Hill Connect X Question 8 - Chapter 02 AssignmentX Course Hero X Homework Help - Q&A from Onli X G Item Skipped Item 4 What would X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment i Saved Help Save & Exit Submit 8 Suppose that the U.S. market for new vinyl LPs in 2018 had supply and demand curves given by PS = 18 + 0.64QS and pd = 26 - 0.64Qd, Skipped where Pis in dollars and Q represents millions of LPs sold. Instructions: Enter your answers as whole numbers. a. Use the given curves to estimate the number of LPs and the equilibrium price per LP. The equilibrium number of LPs is million. The equilibrium price per LP is $ b. The total revenue from LP sales in 2018 is $ million c. Create a supply and demand diagram that represents the 2018 vinyl LP market. Instructions: 1. Use the line tool (demand) provided to plot the demand (plot 2 points) line. 2. Use the line tool (supply) provided to plot the supply (plot 2 points) line. 3. Use the drop line tool (equilibrium) provided to plot the equilibrium. 4. To earn full credit for this graph you must plot all required points for the line. Price 38 F Tools 36 34 Mc Graw McGraw-Hill Connect X Question 8 - Chapter 02 AssignmentX Course Hero X *Homework Help - Q&A from Onli X G Item Skipped Item 4 What would X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment i Saved Help Save & Exit Submit 1. Use the line tool (demand) provided to plot the demand (plot 2 points) line. 8 2. Use the line tool (supply) provided to plot the supply (plot 2 points) line. 3. Use the drop line tool (equilibrium) provided to plot the equilibrium. 4. To earn full credit for this graph you must plot all required points for the line. Skipped Price 38 Tools 36 34 32 30 Demand 28 Supply 26 24 22 Equilibrium NAMOONDONE 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Quantity d. In 2019, revenues from sales of LPs may exceed revenues from the sale of CDs for the first time since the mid-1990s. Since 2013, Mc Graw McGraw-Hill Connect X Question 8 - Chapter 02 AssignmentX Course Hero x *Homework Help - Q&A from Onli X G Item Skipped Item 4 What would X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment i Saved Help Save & Exit Submit NAO 8 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Quantity Skipped d. In 2019, revenues from sales of LPs may exceed revenues from the sale of CDs for the first time since the mid-1990s. Since 2013, revenues from LP sales have more than doubled, while dollar sales of CDs have fallen by two-thirds. Over the same period, while CD prices have held steady, LP retail prices have increased by over 15 percent. Which of the following determinants of supply and demand could explain the weakness of CDs, the comeback of LPs, and the remarkable strength of LP prices? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. 7 Technology 7 Tastes ? Factor prices ? Incomes 7 Population 7 Expectations Mc Graw