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 = 10p − 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 $65 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. (select one) There is an estimated ___ of million products.
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 = 10p − 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 $65 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. (select one) There is an estimated ___ of million products.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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 = 10p − 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 $65 in the fourth quarter of 2008.
Estimate the projected shortage or surplus at that price. (select one)
There is an estimated ___ of million products.
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