Annual sales of new cars and light trucks in a certain country from 2016-2021 can be approximated by the following when the price (in constant 2021 dollars) was Sp thousand. q=p + 67 million verhicles sold. (a) If car dealers were prepared to supply q = 9p 186 million vehicles at a sale price of $p, what would have been the equilibrium price (in dollars)? $ (b) The actual average sale price in constant 2021 dollars was $25,100 in 2018. Estimate the projected shortage or surplus (in million of vehicles) at that price. million vehicles. There is an estimated --Select--- of ---Select--- shortage surplus
Annual sales of new cars and light trucks in a certain country from 2016-2021 can be approximated by the following when the price (in constant 2021 dollars) was Sp thousand. q=p + 67 million verhicles sold. (a) If car dealers were prepared to supply q = 9p 186 million vehicles at a sale price of $p, what would have been the equilibrium price (in dollars)? $ (b) The actual average sale price in constant 2021 dollars was $25,100 in 2018. Estimate the projected shortage or surplus (in million of vehicles) at that price. million vehicles. There is an estimated --Select--- of ---Select--- shortage surplus
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Annual sales of new cars and light trucks in a certain country from 2016-2021 can be approximated by the following when the price (in constant 2021 dollars) was $p
thousand.
q = p + 67 million verhicles sold
(a) If car dealers were prepared to supply q = 9p - 186 million vehicles at a sale price of $p, what would have been the equilibrium price (in dollars)?
$
(b) The actual average sale price in constant 2021 dollars was $25,100 in 2018. Estimate the projected shortage or surplus (in million of vehicles) at that price.
million vehicles.
There is an estimated
---Select--- of
---Select---
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shortage
surplus
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