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.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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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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