Question

suppose that the publisher of this textbook sets the price of the textbook to $90, and the current resale value is $60. at this price, the quantity of new textbooks demanded is approximately per year. the publisher holds the price of the textbook constant at $90 over the life of this latest edition. two years after the release of this edition, the expected resale value of the textbook falls to $50. the quantity of new textbooks demanded is now approximately per year.

Answer 1

At the new price, the quantity that will be demanded will be 300,000 textbooks.

At $50, the demand will be 267,000 textbooks.

What is demand?

It should be noted that demand simply means the amount of goods and services that the consumer will buy at a particular price and time.

Now when the price falls to $50 due to the decrease in demand in the market, the demand curve will then shift to the left and this will make the quantity demanded at $50 to be less than the previous price.

Therefore, it should be noted that at $50, the demand will be 267,000 textbooks.

Learn more about demand on:

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