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Worldwide quarterly sales of Nokia cell phones were approximately q= -p+156 million phones when the wholesale price was $p.

Worldwide quarterly sales of Nokia cell phones were approximately q= -p+156 million phones when the wholesale price was $p.

A. If Nokia was prepared to supply q= 4p-394 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price?

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B. The actual wholesale price was $105 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. Show all work.

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