If the Demand and Supply Functions for Z-Brand Phones Are

question 57

Multiple Choice

If the demand and supply functions for Z-brand phones are and respectively, compare the quantity demanded and the quantity supplied when . Note that q is the quantity produced or sold. Are there surplus phones or not enough to meet demand? ​

• A)There will be a shortage at a price of $22.
• B)There will be a surplus at a price of $22.

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Definitions:

Degrees of Freedom

The number of values in a calculation that are free to vary without violating any constraints.

Contingency Table

A tabular method to display the frequency distribution of variables along with their joint distribution.

Contingency Table

A type of table used in statistics to summarize the relationship between two categorical variables, showing the frequency of various combinations of outcomes.

Nominal Variables

Variables that represent categories with no intrinsic ordering or hierarchy, such as gender, nationality, or brand.