1. In 2007 the Nintendo Wii video game console was in short supply. Many retailers ran out of stock, and especially around the holiday season, parents ran from store to store hoping to find a Wii for their kids.a) Is this a situation of excess supply or excess demand?b) The list price for Wii unit was $250. Is the equilibrium price higher or lower than $250?c) The company sold 7.4 million Wii consoles in the United States in 2007. Is the equilibrium quantity higher or lower than 7.4 million?d) Potential Wii buyers could go online and buy a Wii on eBay or other auction sites. Would they expect to pay more or less than $250?e) Draw a supply and demand diagram for the Wii. On this diagram identify the point which represents the actual 2007 price and quantity.f) On the supply and demand diagram, identify the point which represents the market equilibrium price and quantity.
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