Equilibrium Price: Cell Phones Worldwide quarterly sales of a brand of cell phones were approximately q = −p + 156 million phones when the wholesale price was $p. (a) If the cellphone company was prepared to supply q = 9p − 394 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price? $ (b) The actual wholesale price was $50 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. There is an estimated of million phones.
Equilibrium Price: Cell Phones Worldwide quarterly sales of a brand of cell phones were approximately q = −p + 156 million phones when the wholesale price was $p. (a) If the cellphone company was prepared to supply q = 9p − 394 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price? $ (b) The actual wholesale price was $50 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. There is an estimated of million phones.
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 quarterly sales of a brand of cell phones were approximately
q = −p + 156
million phones when the wholesale price was $p.(a)
If the cellphone company was prepared to supply
q = 9p − 394
million phones per quarter at a wholesale price of $p, what would have been the equilibrium price?$
(b)
The actual wholesale price was $50 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price.
There is an estimated of million phones.
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