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A retail chain will buy 1400 cordless phones if the price is $10 each and 600 if the price is $50. A wholesaler will supply

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A retail chain will buy 1400 cordless phones if the price is $10 each and 600 if the price is $50. A wholesaler will supply 300 phones at $20 each and 1550 at $70 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means. Market equilibrium occurs when the number of units is and the price is $ per unit

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