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6 Nov 2019
1. Worldwide quarterlysales of Nokia cell phones was approximately q=-p+156 million phones when the wholesaleprice was $p. (8 points)
(1) If Nokia was prepared tosupply q=4p-394 million phones per quarter at awhole price of $p, what would be the equilibrium price?
(2)The actualwholesale price was $105 in the fourth quarter of 2004. Estimatethe projected shortage or surplus at that price.
1. Worldwide quarterlysales of Nokia cell phones was approximately q=-p+156 million phones when the wholesaleprice was $p. (8 points)
(1) If Nokia was prepared tosupply q=4p-394 million phones per quarter at awhole price of $p, what would be the equilibrium price?
(2)The actualwholesale price was $105 in the fourth quarter of 2004. Estimatethe projected shortage or surplus at that price.
Reid WolffLv2
6 Nov 2019