A chain of electronic stores sells hand-held color televisions. The weekly demand and supply models are given below. N is the number of televisions sold or supplied per week in the respective model and p is the price of the television. a.How many hand-held televisions can be sold and supplied at$144 per television?b.Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week? N=−7p+1134Demand model.N=3.5pSupply model.

Given: Demand equation: N=-7p+1134 Supply equation: N=3.5p N - The number of televisions sold or…

Answered: A chain of electronic stores sells…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 20P

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A chain of electronic stores sells hand-held color televisions. The weekly demand and supply models are given below. N is the number of televisions sold or supplied per week in the respective model and p is the price of the television.

a.	How many hand-held televisions can be sold and supplied at $144 per television?
b.	Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week?

N	=	−7p+1134	Demand model.
N	=	3.5p	Supply model.

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