A barbecue sauce producer sells their product in a 20 ounce bottle. Their current process mean is 19.80 ounces with a standard d
1 answer:
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Answer: If<em><u> the market price of an I-Pod is $220, there will be a surplus of I-Pods.</u></em>
Explanation:
Given :
= 10×P
= 3,000 - 5×P
The equilibrium will occur where supply is equal to demand
i.e. =
10P = 3000 - 5P
15P = 3000
P = $200
∴<u>The equilibrium price is $200</u>
<em><u>Hence, If the market price of an I-Pod is $220, there will be a surplus of I-Pods</u></em>