2. Worldwide annual sales of all cell phones is approximately -10p + 1600 million phones when the wholesale price is $p.

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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