Equilibrium Price: Cell Phones Worldwide annual sales of all cell phones were approximately −10p + 1,600 million phones when the wholesale price was $p.
a. If manufacturers were prepared to supply q = 14p – 800 million phones per year at a wholesale price of $p, what would have been the equilibrium price?
b. The actual wholesale price was projected to be $80 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price.
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