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Algebra
Question

The demand for a certain company's e-reader can be...

The demand for a certain company's e-reader can be approximated by 

\( q = \frac { 740 } { p } - 1 \) million units per year \( ( 60 \leq p \leq 400 ) \) , 

where \( p \) is the price charged by the company. Assume that the company is prepared to supply 

\( q = 0.0185 p - 1 \) million units per year \( ( 60 \leq p \leq 400 )\) 

at a price of \( \$ p \) per unit. 

(a) Calculate the equilibrium price and equilibrium demand. 

equilibrium price 

equilibrium demand 

(b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended. 

Answer

(a) 

200

2.7

 

(b) 

(c) shortage 8.8

Solution
View full explanation on CameraMath App.