Wednesday

October 22, 2014

October 22, 2014

Posted by **Marianne** on Thursday, August 28, 2014 at 9:25pm.

a) If manufacturers are prepared to supply q = 14p – 800 million phones per year at a wholesale price $p, what would be the equilibrium price?

-10p +1600 = 14p -800

+10p +10p

1600 = 24p -800

+800 +800

2400 = 24p

/24 /24

$100 = p

b) The actual wholesale price was projected to be $80 in the fourth quarter of 2011. Estimate the projected shortage or surplus.

-10p +1600 = X

-10(80) +1600 = X

-800 +1600 = X

800 = X

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