Question
Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately 5p + 1,600 million products when the wholesale price was $p. (a)
Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately −5p + 1,600 million products when the wholesale price was $p.
(a) If manufacturers are prepared to supply q = 12p − 800 million products per year at a wholesale price of $p.
what would be the equilibrium price? (Round your answer to the nearest cent.)
(b) The actual wholesale price was projected to be $60 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated shortage of _______________ million products.
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
6th edition
1305968352, 978-1337635653, 978-1305968356
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