Worldwide quarterly sales of a brand of cell phones were approximately q = −p + 156 million phones when the wholesale price was $p.
A) If the cell phone company was prepared to supply q = 4p − 394 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price?
B)The actual wholesale price was $105 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price.