1000 1000 900 900 800 700 800 700 600 & 500 600 500 400 400 300 300 200 200 100 100 200 400 600 800 1000 200 400 600 800 1000 Q= quantity Q- quantity Graph#1 Graph#2 Will there be a market surplus or market shortage when the price is $500? P price P- price

1000 1000 900 900 800 700 800 700 600 & 500 600 500 400 400 300 300 200 200 100 100 200 400 600 800 1000 200 400 600 800 1000 Q= quantity Q- quantity Graph#1 Graph#2 Will there be a market surplus or market shortage when the price is $500? P price P- price

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Concept explainers

Optimization Models

Optimization models are mathematical models that help organizations determine the best way to allocate scarce resources to achieve specific objectives. These models can be used to solve a wide variety of problems, from finding the most efficient route for a delivery truck to determining the optimal mix of products to stock in a store.

Question

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Q= quantity
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Will there be a market surplus or market shortage when the price is $500?
P price

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Step 1 : GRAPH1 AND GRAPH2 WHEN THE PRICE IS $500

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