Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 1 - Section 1.2 - Functions and Models - Exercises - Page 74: 40b

Answer

$480$ million phones

Work Step by Step

We expect a shortage, because ${{\$}} 80$ is below the equilibrium price (which we found in part (a)). When p=80, Demand: $\quad\left[\begin{array}{l} q=-10(80)+1600\\ q=800 \end{array}\right]\quad $ Supply: $\left[\begin{array}{l} q=14(80)-800\\ q=320 \end{array}\right]$ The demand is $800-320=480$ million phones greater than the supply. That is, there is a shortage of $480$ million phones.
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