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 = 4p − 384 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price? $ (b) The actual wholesale price was $103 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. There is an estimated ______ of million 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 = 4p − 384 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price? $ (b) The actual wholesale price was $103 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. There is an estimated ______ of million phones.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 = 4p − 384 million phones per quarter at a wholesale price of $p,
what would have been the equilibrium price ?
$
(b) The actual wholesale price was $103 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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