The Demand Equation for a Certain Brand of GPS Navigator

question 174

Multiple Choice

The demand equation for a certain brand of GPS Navigator is x + 3p - 565 = 0, where x is the quantity demanded per week and p is the wholesale unit price in dollars. The supply equation is x - 16p + 480 = 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.

• A) equilibrium quantity 2,000 units; equilibrium price $55
• B) equilibrium quantity 400 units; equilibrium price $55
• C) equilibrium quantity 2,000 units; equilibrium price $40
• D) equilibrium quantity 400 units; equilibrium price $40

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Definitions:

Industrial Revolution

A period of major industrialization from the late 18th to early 19th centuries that transformed primarily agrarian societies into industrialized ones.

Modern Sense

In contemporary understanding or usage, reflecting recent or current trends and perceptions.

Consumer Goods

Items and products purchased by individuals or households for personal use.

Banana Time

A term from industrial sociology referring to informal break times and rituals that employees use to form social bonds and break the monotony of repetitive tasks.