The Demand Equation for a Certain Brand of GPS Navigator

question 85

Essay

The demand equation for a certain brand of GPS Navigator is x + 5p - 950 = 0, where x is the quantity demanded per week and p is the wholesale unit price in dollars.
The supply equation is x - 19p + 1,210 = 0, where x is the quantity the supplier will make available in the market when the wholesale price is p dollars each. Find the equilibrium quantity and the equilibrium price for the GPS Navigators.
equilibrium quantity: __________ units
equilibrium price: $ __________

Comprehend the different types of demand fluctuations and their causes.

Recognize the role of collaborative planning, forecasting, and replenishment (CPFR) in supply chain management.

Understand the essence of mean absolute deviation (MAD) and bias as metrics of forecast accuracy.

Identify different types of errors in demand forecasting and how to calculate forecast error.

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Definitions:

Universality

The concept that certain principles, ideas, or traits are common, applicable, or beneficial across all cultures, situations, or groups.

Cultures

The shared values, beliefs, norms, and practices of a group of people that are passed down from generation to generation.

Power Distance

The extent to which an unequal distribution of power is accepted by society members.

Motivation Theory

A concept in psychology that explains what drives individuals to initiate, direct, and persist in behaviors or actions.