The demand for a certain company's e-reader can be approximated by7809= - 1 million units per year (60 ≤ p ≤ 400),Рwhere p is the price charged by the company. Assume that the company is prepared to supplyq=0.0195p 1 million units per year (60 ≤ p ≤ 400)at a price of $p per unit.(a)Calculate the equilibrium price and equilibrium demand.equilibrium price$equilibrium demand1210(b) Graph the demand and supply functions to confirm your answer in part (a) graphically. A graphing calculator is recommended.9q8642Need Help?-100Submit AnswerRead It200300400Master it500million e-readers per yearP1210862100200300400500Р℗q121082100 200 300400 500Р3q12108(c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.)There would be a -Select-- ofmillion e-readers.62100Home My Assignments200300400Request Extension300Р6Copyright © 1998-3034 Cengage Learning, Inc. All Rights Reserved | TERMS OF USE PRIVACY

Market equilibrium is established at the equality of quantity supplied and quantity demanded.…

where p is the price charged by the company. Assume that the company is prepared to supply q=0.0195p - 1 million units per year (60 s p ≤ 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. 9 12 10 8 100 Need Help? Read Submit Answer 200 300 million e-readers per year 400 500 6 12 10 8 4 100 200 300 400 500 12 10 8 Le 200 300 400 500 Ⓡ @ 12 10 8 100 (c) Estimate, to the nearest 0.1 million units, the surplus or shortage of e-readers if the price is set at $73. (Round your answer to one decimal place.) There would be a-Select- of million e-readers. 100 quright © 1009 Home My Assignments 200 300 400 Request Extension 300 3034 Coppag Learning Inc. All Rights Reserved | TERMS OF USE PRIVACY