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Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately -14p + 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 $70 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated ---Select--- of million products.

Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately -14p + 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 $70 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated ---Select--- of million products.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately -14p + 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 $70 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated ---Select--- ✓ of million products.
Transcribed Image Text:Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately -14p + 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 $70 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated ---Select--- ✓ of million products.
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