where p is the price charged by the company. Assume that the company is prepared to supply q=0.0195p - 1 million units per year (60 s p ≤ 400) at a price of $p per unit. (a) Calculate the equilibrium price and equilibrium demand. equilibrium price $ equilibrium demand (b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended. 9 12 10 8 100 Need Help? Read Submit Answer 200 300 million e-readers per year 400 500 6 12 10 8 4 100 200 300 400 500 12 10 8 Le 200 300 400 500 Ⓡ @ 12 10 8 100 (c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.) There would be a-Select- of million e-readers. 100 quright © 1009 Home My Assignments 200 300 400 Request Extension 300 3034 Coppag Learning Inc. All Rights Reserved | TERMS OF USE PRIVACY
where p is the price charged by the company. Assume that the company is prepared to supply q=0.0195p - 1 million units per year (60 s p ≤ 400) at a price of $p per unit. (a) Calculate the equilibrium price and equilibrium demand. equilibrium price $ equilibrium demand (b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended. 9 12 10 8 100 Need Help? Read Submit Answer 200 300 million e-readers per year 400 500 6 12 10 8 4 100 200 300 400 500 12 10 8 Le 200 300 400 500 Ⓡ @ 12 10 8 100 (c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.) There would be a-Select- of million e-readers. 100 quright © 1009 Home My Assignments 200 300 400 Request Extension 300 3034 Coppag Learning Inc. All Rights Reserved | TERMS OF USE PRIVACY
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![The demand for a certain company's e-reader can be approximated by
780
9= - 1 million units per year (60 ≤ p ≤ 400),
Р
where p is the price charged by the company. Assume that the company is prepared to supply
q=0.0195p 1 million units per year (60 ≤ p ≤ 400)
at a price of $p per unit.
(a)
Calculate the equilibrium price and equilibrium demand.
equilibrium price
$
equilibrium demand
12
10
(b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended.
9
q
8
6
4
2
Need Help?
-
100
Submit Answer
Read It
200
300
400
Master it
500
million e-readers per year
P
12
10
8
6
2
100
200
300
400
500
Р
℗
q
12
10
8
2
100 200 300
400 500
Р
3
q
12
10
8
(c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.)
There would be a -Select-- of
million e-readers.
6
2
100
Home My Assignments
200
300
400
Request Extension
300
Р
6
Copyright © 1998-3034 Cengage Learning, Inc. All Rights Reserved | TERMS OF USE PRIVACY](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0301c129-e01e-4333-9ce8-2db3a1934bdf%2F59e07671-c8fc-4cdc-9e37-5c7ca821e99f%2Fdldvdr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The demand for a certain company's e-reader can be approximated by
780
9= - 1 million units per year (60 ≤ p ≤ 400),
Р
where p is the price charged by the company. Assume that the company is prepared to supply
q=0.0195p 1 million units per year (60 ≤ p ≤ 400)
at a price of $p per unit.
(a)
Calculate the equilibrium price and equilibrium demand.
equilibrium price
$
equilibrium demand
12
10
(b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended.
9
q
8
6
4
2
Need Help?
-
100
Submit Answer
Read It
200
300
400
Master it
500
million e-readers per year
P
12
10
8
6
2
100
200
300
400
500
Р
℗
q
12
10
8
2
100 200 300
400 500
Р
3
q
12
10
8
(c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.)
There would be a -Select-- of
million e-readers.
6
2
100
Home My Assignments
200
300
400
Request Extension
300
Р
6
Copyright © 1998-3034 Cengage Learning, Inc. All Rights Reserved | TERMS OF USE PRIVACY
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