Find the market equilibrium point

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Reference no: EM13187170

Retailers will buy 45 cordless phones from a wholesaler if the price is $10 each but only 20 if the price is $60. The wholesaler will supply 35 phones at $30 each and 49 at $38 each. Assuming the supply and demand functions are linear, find the market equilibrium point. Then give a sentence answer which states its meaning.

Reference no: EM13187170

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